UK Manufacturing PMI Below 50.0 — Pound Sinks

The Great Britain pound dropped against its major rivals today as the manufacturing index dropped unexpectedly, showing contraction of the sector.
The Markit/CIPS UK Manufacturing PMI fell from 50.7 to 49.2 in March. The reading below 50.0 indicates that the manufacturing sector is in decline. Forecasters were totally wrong, promising an increase to 51.3.
GBP/USD plunged from 1.4672 to 1.4554 as of 15:53 GMT today, retreating from the daily high of 1.4767. GBP/JPY slid from 156.12 to 154.70.

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