01/08/2017 – This Morning’s Exchange Rates
- Posted by currencies in Rate Alerts
- August 1, 2017
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The exchange rates are listed at the bottom of this article, please note the rates are for indication only. For live quotes contact us vis email or phone.
Pound climbed to its highest levels against the dollar since mid-September today, as data showing UK manufacturing growth recovered from a seven-month low in July eased concerns about an economic slowdown.
This morning’s Purchasing Managers’ Index (PMI) survey climbed to 55.1, exceeding the 54.4 consensus in a Reuters poll of economists, helped by the biggest influx of new export orders since 2010.
The numbers should hearten policymakers at the Bank of England, which will make a policy decision and release its latest quarterly Inflation Report on Thursday, and should soothe investors’ fears that economic growth is deteriorating rapidly after a sluggish start to the year.
Only two out of 80 economists polled think the BoE will raise its main interest rate on Thursday from a record-low 0.25 percent
A run of weak data has – along with deep uncertainty about the impact of Brexit on the economy – cooled speculation that the BoE is poised to start removing its crisis-level stimulus, which followed a series of hawkish remarks by policymakers at the banks in recent months.
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