The Great Britain pound traded widely lower today after the UK manufacturing index touched the lowest level in three months.
The IHS Markit/CIPS UK manufacturing PMI dropped to 52.8 in January from 54.2 in December, touching the lowest level in three months. Analysts had predicted a higher reading of 53.5. Rob Dobson, Director at IHS Markit, which compiles the survey, commented on the result:
The start of 2019 saw UK manufacturers continue their preparations for Brexit.
He added:
Despite the temporary boost provided by clientsâ prepurchases and efforts to build-up stocks, the underlying trends in output and new orders remained lacklustre at best.
GBP/USD dropped from 1.3106 to 1.3068 as of 11:33 GMT today, and its session low was at 1.3043. EUR/GBP jumped from 0.8730 to 0.8780, touching the high of 0.8793 intraday.
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