Pound Goes Down as UK Manufacturing PMI Revised Lower

The Great Britain pound moved lower against its major rivals during Monday’s trading as the nation’s manufacturing sector contracted in July even more than had been previously estimated.
The revised Markit/CIPS manufacturing Purchasing Managers’ Index dropped to 48.2 in July from 52.4 in June, below the flash reading of 49.1. It was the lowest level since February 2013. The data reinforced the view that the Bank of England should cut interest rates this month.
GBP/USD dropped from 1.3221 to 1.3177 as of 11:12 GMT today. EUR/GBP went up from 0.8442 to 0.8470.

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