GBP/USD wobbles around 1.1520 after upbeat US ISM Services PMI – by christianborjon GBPUSD Currencies Majors PMI Sentiment
The GBP/USD is trading at 1.1528, slightly above its opening price, after hitting a fresh weekly high around 1.1609, but better-than-estimated US data sentThe Institute for Supply Management reported that the US ISM Non-Manufacturing PMI was up 56.9 vs. 56.7 in July, above estimates of 54.9, according to Reuters. Some of the report’s highlights were New Orders ticking up to 61.8, higher than 59.9 in July, while the Prices Paid Index decelerated to 71.5 from 72.3.
The GBP/USD edged lower, registering a daily low at the data release, at 1.1493. However, it bounced off the lows toward the current exchange rate. At the same time,, a gauge of the buck’s value vs. a basket of peers, edged towards 110.390, up 0.73%. Earlier during the day, Queen Elizabeth appointed Liz Truss as the new UK Primer Minister. In the meantime, Kwasi Kwarteng, set to be the UK’s next Chancellor of the Exchequer, said that the new government would not blow a hole in the public finances, as widely expected via the FT.
Kwarteng added that the new administration would act in “a fiscally responsible way,” adding that the Truss government would be “bold” in promoting growth. He noted, “Liz is committed to a lean state and, as the immediate shock subsides, we will work to reduce the debt-to-GDP ratio over time.” Datawise, the UK economic docket featured the S&P Global CIPS Construction PMI for August, which came at 49.2, higher than July’s 48.9, but remained in contractionary territory. The all-sector PMI, which includes data from the services segment and manufacturing, dropped to 49.6 from 51.8 in July, reinforcing the challenges that the new UK Prime Minister Liz Truss would face.
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