The Pound Sterling managed to eke out gains against the US Dollar however analysts say that those gains will remain limited so long as there are doubts over the UK economy and while the Brexit negotiations continue to weigh. Last week, those combined worries sent the Pound to a 10-month trough but has tepidly regained some ground despite the latest disappointing data.
As reported at 11:18 am (BST) in London, the GBP/USD was trading at $1.3127, up 0.21% and off the session peak of $1.3130 while the low for the trading day is at $1.3072. The EUR/GBP is trading at 0.89155 Pence, down 0.06%; the pair has ranged from a low of 0.89084 Pence to a high of 0.89270 Pence.
PMI Reports Mixed in EU
In the Eurozone, the Euro got a bit of a lift against the US Dollar on the latest PMI data. In Germany, Markit reported that July's preliminary PMI reports for the services and manufacturing sectors, as well as the composite report, showed gains of 54.4, 57.3 and 55.2, respectively; each was better than the experts had predicted. At the same time, only France's manufacturing sector showed improvement while services disappointed. The Eurozone's PMI reports were similarly mixed, with only the manufacturing sector beating analysts' predictions with a reading of 55.1. The EUR/USD was trading at $1.1703, a gain of 0.12% and off the session peak of $1.17100.