The Pound Sterling holds recovery to near 1.2450 on an upbeat preliminary S&P Global/CIPS PMI report for April. BoE Haskel wants to see more slack in labor demand to gain confidence that inflation will sustainably return to the 2% target. Weak US PMI for April weighed on the US Dollar. The Pound Sterling turns sideways at around 1.2450 against the US Dollar in Wednesday’s European session after bouncing back strongly from a five-month low at around 1.2300 earlier in the week.
On the contrary, the preliminary Manufacturing PMI surprisingly dropped below the 50.0 threshold that separates expansion from contraction after being in the expansion territory since January. The factory PMI fell sharply to 48.7 from expectations and the prior reading of 50.3. Technical Analysis: Pound Sterling rises to 1.2450 The Pound Sterling recovers sharply from a five-month low of 1.2300 against the US Dollar. The GBP/USD pair moved higher to 1.
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