Pound Slides On Disappointing U.K. PMI Data
(RTTNews) - The pound declined against its major counterparts in the European session on Wednesday, as the nation's private sector activity contracted in August at the fastest rate since January 2021.
Survey results from S&P Global and the Chartered Institute of Procurement & Supply showed that the U.K. composite PMI fell to a 31-month low of 47.9 in August from 50.8 in July. Economists had forecast the index to ease to 50.3.
The services PMI dropped to a 7-month low of 48.7 from 51.5 in the previous month. Economists had forecast a score of 51.0.
The manufacturing PMI weakened to a 39-month low of 42.5 from 45.3 a month ago. The expected reading was 45.0.
Meanwhile, investors looked ahead to the Fed's Jackson Hole symposium at the end of the week for directional cues.
The pound declined to 1.2614 against the greenback and 1.1115 against the franc, setting 9-day lows. The pound is seen finding support around 1.24 against the greenback and 1.10 against the franc.
The pound dropped to near a 2-week low of 183.36 against the yen and a 1-week low of 0.8565 against the euro, from an early high of 185.94 and near a 1-year high of 0.8492, respectively. The pound may locate support around 180.00 against the yen and 0.87 against the euro.
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