GBP/USD had a big sell-off today after the UK posted disappointing manufacturing figures. The manufacturing PMI report fell to 52.8 in August – a two year low.
The update comes as there is still uncertainty surrounding Brexit. Michel Barnier, the EU negotiator, said he is ‘strongly’ opposed to Prime Minister May’s trading proposals.
Meanwhile Mrs May, will not comprise on the plans she mapped out at Chequers. Once again, the water has been muddied regarding the discussions, and while there is no easy end in sight, pressure is likely to remain on the pound.