The Pound Sterling (GBP) witnessed a sell-off on Monday after a pullback move and has extended the downside move on Tuesday as investors foresee a slo
pair weakened after S&P Global reported the Manufacturing PMI contracted for the 14th time in a row in September as firms underutilized their capacity, cut inventories sharply, and trimmed their workforce amid a poor demand is done hiking interest rates after it paused its policy-tightening spell last month to avert recession fears, policymaker Katherine Mann has a different verdict from her teammates.
On Monday, the British Retail Consortium reported annual shop price inflation at 6.2%, the lowest since September 2022 and a lower pace than 6.9% in August. This indicates that consumer inflation may continue to fall further as retail demand slows. On the UK political front, UK Finance Minister Jeremy Hunt supports freezing the size of the government workforce, which should be followed by a cut that will save 1 billion Pounds. The attempt was made to make peace with his own party’s workers, who actively favor tax cuts.
Despite a strong rebound, the Manufacturing PMI failed to climb above the 50.0 threshold, which indicates that contraction in manufacturing continues.The Pound Sterling faced an intense sell-off on Monday after slipping below Friday’s low of 1.2180 as it resulted in an activation of the Gravestone Doji candlestick pattern. The GBP/USD pair refreshed its six-month low near 1.2070 and is expected to continue the downside spree.
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