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    Abshire-Smith

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    Sterling weakens on Manufacturing PMI data

    In the FX markets Sterling (GBP) weakened against the other major currencies as the Markit / CIPS UK Manufacturing PMI missed expectations. The release from Markit showed manufacturing output had expanded in May, with the index at 52.0 compared to the revised April figure of 51.8. Manufacturing is only a small component of the overall UK GDP, with services being the major contributor to the economy.

    Following the release Sterling was offered against the US Dollar, trading to down below 1.52, to the levels seen in early May 2015.

    GBPUSD: 1.5201

    EURGBP: 0.7179


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