The CBI’s January manufacturing survey was generally gloomy, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
GBP unchanged in the session
“It revealed a small improvement in still weak orders, some improvement in still weak production and a further drop in the quarterly business optimism reading that likely reflects concerns about the government’s fiscal plans and the recent market volatility associated with them. However, “The pound is unchanged on the day and week so far.”
“The Pound continues to make some gains against the USD on charts after settling at 1.21 last week, but progress is slow towards key resistance (and possible bullish trigger) at 1.2415/25—retracement and trend resistance. Support at 1.2325.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
