GBP drops due to UK PMIs

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The release of the United Kingdom's Manufacturing and Services sector Purchasing Managers Indices has caused a major decline of the Pound's value. The survey results were expected to be low. However, the actual results were far below the already pessimistic expectations.

On August 23, the data caused a decline, which pierced below a cluster of support levels near 1.2740. A decline down to a support zone at 1.2620 followed over the span of next 3:30 hours.

The UK Manufacturing PMI was forecast to show a result of 45.1. However, actual number was 42.5

The Services PMI was expected to show a recovery by being above 50.0. Namely, 50.9 was expected. Although, the market was disappointed with an actual reading of 48.7.
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