The pound slid for a fifth day against the dollar after a report showed U.K. manufacturing expanded less in January than economists had forecast.
Sterling tumbled against all but two of its 16 major peers as investors bet Bank of England officials will commit to keeping interest rates lower for longer in their quarterly Inflation Report on Feb. 12. The pound weakened the most since March versus the euro as Hometrack Ltd. data showed a measure of U.K. house prices rose 0.3 percent in January after climbing 0.5 percent a month earlier. U.K. government bonds erased a decline.
“The data that we’ve had since the start of the year have been good but many people have been disappointed it hasn’t been better,” said Jane Foley, senior currency strategist at Rabobank International in London. “That’s taken some of the froth out of expectations for performance of the U.K. economy and sterling.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015