Page 3 - Rob Dobson News Today

Pound US Dollar Exchange Rate Hits Six-Week Low amid UK Factory Upturn

The Pound Sterling (GBP) finds support near a six-week low around 1.2540 in Tuesday’s late London session after the S&P Global/CIPS reported an upbeat Manufacturing PMI for March.

'Production and new orders returned to growth, albeit only hesitantly, following year-long downturns, with the main thrust of the expansion coming from stronger domestic demand'

Output, new orders and business optimism all increased in March, according to a closely-watched survey.

The consumer goods sector and domestic markets helped manufacturers last month.

The UK's manufacturing sector recorded growth for the first time since July 2022, according to a closely watched survey.

UK PMI Manufacturing was finalized at 50.3 in March, climbing from February's 47.5 to mark a 20-month high. This development represents the sector's first move above the critical 50.0 threshold since July 2022, indicating a tentative resurgence in manufacturing activity.

The UK manufacturing sector crossed the no-change mark into growth territory in March, according to the latest numbers from S&P Global. Separate data, meanwhile, showed UK mortgage approvals...

Factory sector activity expanded last month for the first time since July 2022, according to the results of a closely followed survey.

Currency markets shifted their attention towards the sell-off in Swiss Franc today, a reaction to the substantial rally observed in European and US treasury yields. With the 10-year yields in Germany and UK climbing back above 2.4% and towards 4.1% respectively, and US 10-year yield setting sights on 4.4%.