Pound Falls, Slows Decline as Manufacturing Expands

The Great Britain pound fell today as analysts predicted the report would show that the manufacturing in the UK contracted last month. The currency slowed the decline after the actual report showed the manufacturing expanded.
The Manufacturing Purchasing Managers’ Index rose to 51.1 in September from the revised August value of 49.4. Economists predicted a reading of 48.9. The report wasn’t all positive, though, as it said the rate of growth is “well below” the rate in the first quarter and the trend in the new orders “has become more subdued”. The report wasn’t very supportive for the sterling as the currency slowed its decline immediately after the release but quickly resumed its drop.
GBP/USD fell from 1.5546 to 1.5521 and GBP/JPY dropped from 119.83 to 119.24 today as of 8:51 GMT.

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