Pound Struggles a Bit on Economic Data

UK pound is struggling a bit against some of its major counterparts today, thanks largely to recent economic data. While the pound is higher against the dollar right now, it is down against the euro and the yen.

Last week ended with a lot of economic data for Forex traders and others to process. One of the bits of data was the fact that September PMI data for the United Kingdom was below expectations.
This news initially sent the pound lower against other currencies, including the dollar, but things have changed a little bit. The pound has managed to gain ground against the greenback today, probably on profit taking.
Pound remains lower against other major currencies, though. With concerns that the economy might be flagging again, there is speculation that the Bank of England will retain its current slow pace when it comes to ending quantitative easing and tightening monetary policy.
For now, the pound is mostly lower, dropping against the yen and the euro, even as it gains a bit against the US dollar.
At 10:15 GMT, GBP/USD is a bit higher, up to 1.5986 from the open at 1.5958. EUR/GBP is higher, gaining to 0.7853 from the open at 0.7841. GBP/JPY is lower, dropping to 174.7690 from the open at 175.0850.

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