- The Pound Sterling performs weakly against its major peers, except Asia-Pacific currencies, during the European trading hours. The British currency remains on the back foot even though the Bank of England (BoE) is expected to follow a shallow interest rate cut cycle this year compared to its peer central bankers.
- Traders see little chance that the BoE will cut interest rates in September but are confident about November, Reuters reported. Market speculation for September interest rate cuts is weak as inflationary pressures in the United Kingdom (UK) are expected to remain sticky due to strong economic prospects. Also, comments from BoE Governor Andrew Bailey at the JH Symposium indicated that the central bank will be careful not to cut interest rates too quickly or by too much.
- The final estimate of S&P Global/CIPS Manufacturing PMI showed on Monday that activities in the manufacturing sector in the UK expanded to a 26-month high at 52.5 in August, driven by the continuation of a strong recovery in output, new orders, and labor demand.
- “The UK manufacturing sector remained a positive contributor to broader economic growth in August. The headline PMI hit a 26-month high of 52.5, reflecting solid expansions in output and new orders and the strongest jobs growth for over two years. The upturn is broad-based across manufacturing, with the investment goods sector the stand-out performer”, Rob Dobson, Director at S&P Global Market Intelligence, said.
- For fresh interest rate clues, investors await BoE policymaker Sarah Breeden’s speech, which is scheduled at 12:45 GMT. Breeden was among policymakers who voted for cutting interest rates in August by 25 basis points (bps) to 5%, along with Andrew Bailey, Swati Dhingra, Dave Ramsden, and Clare Lombardelli.
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