Pound Subdued After Slump Following Poor Manufacturing Sector Show

Published on Oct 25, 2023 12:25

The British Pound tanked sharply yesterday amid continued worries on the economic front. UK manufacturers saw the worst monthly fall in orders in October since January 2021, according to a survey released earlier by the Confederation of British Industry. The CBI`s monthly industrial orders balance declined to -26 from -18 in September. The survey also showed that manufacturers cut employees "marginally" in the three months to October, and for the first time since January 2021. This reading pulled down the GBPUSD pair from a near two week high of 1.2292 to well under 1.2200 mark. The current mood remains tepid with the GBPUSD currently quoting flat at 1.2170. The recent drop in the UK stock markets is also weighing on the currency as the FTSE100 is currently lingering around three week low. On the NSE, the GBPINR futures are currently quoting at 101.16, down 0.02% on the day after edging up just above 101.20 mark in early moves.