{"id":82535,"date":"2019-11-22T08:05:03","date_gmt":"2019-11-22T13:05:03","guid":{"rendered":"https:\/\/currencylive.com\/?p=82535"},"modified":"2019-11-22T08:05:03","modified_gmt":"2019-11-22T13:05:03","slug":"101572-gbp-cad-pound-crashes-on-uk-pmi-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\/","title":{"rendered":"GBP\/CAD: Pound Crashes on UK PMI Data"},"content":{"rendered":"\n\n\n
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GBP\/CAD is witnessing another crash on Friday, after slipping 0.21% yesterday. Currently, one British pound buys 1.7108 Canadian dollars, down 0.24% as of 10:21 AM UTC. The sterling is dragged down by weakening services and manufacturing sectors.<\/span><\/p>\n

Services PMI Drops to Lowest Level Since July 2016<\/h2>\n

UK business recorded the largest decline since 2016, according to preliminary figures for November. The downturn comes ahead of the national election scheduled for December 12 and amid the ongoing Brexit uncertainty.<\/span><\/p>\n

Data from IHS Markit and CIPS UK showed that the British economy is contracting at a quarterly rate of 0.2%.<\/span><\/p>\n

Manufacturing purchasing managers index (PMI) dropped to a two-month low of 48.3 in November, compared to 49.6 in October. Analysts anticipated a decline to 48.8.<\/span><\/p>\n

Elsewhere, the services PMI tumbled from 50.0 last month to 48.6 in November. This is the lowest level since mid-2016, just after the Brexit referendum. Economists were actually expecting a modest increase to 50.1.<\/span><\/p>\n

The composite PMI, which merges both the services and manufacturing sectors, declined to 48.5 from 50.0. Also to the lowest level since July 2016.<\/span><\/p>\n

Some economists argue that the survey points to increased worries about political uncertainty rather than an unconditional decline in economic output.<\/span><\/p>\n

Samuel Tombs, chief economist at Pantheon Macroeconomics, <\/span>commented<\/span><\/a>:<\/span><\/p>\n

\u201cMarkit’s survey has been excessively influenced by general concerns among businesses about the Brexit and political outlook and so has become a poor indicator of day-to-day economic activity. Those concerns likely have only intensified since the general election campaign kicked off.\u201d<\/span><\/i><\/p>\n

Elsewhere, Chris Williamson, chief business economist at IHS Markit, said that the PMI update warned that the economy is deteriorating. And also that the labour market is weaker.<\/span><\/p>\n

The final PMI figures for the manufacturing and services sectors will be released on December 2 and 4, respectively.<\/span><\/p>\n

Yesterday, the pound declined against the Loonie after Bank of Canada (BoC) Governor Stephen Poloz said that the country\u2019s monetary conditions were about right considering the challenges from global trade tensions. Based on his comments, the markets reduced the probability for a rate cut at the BoC\u2019s next meeting in December.\u00a0<\/span><\/p>\n\n\n\n
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GBP\/CAD is witnessing another crash on Friday, after slipping 0.21% yesterday. Currently, one British pound buys 1.7108 Canadian dollars, down 0.24% as of 10:21 AM UTC. The sterling is dragged down by weakening services and manufacturing sectors. Services PMI Drops to Lowest Level Since July 2016 UK business recorded the largest decline since 2016, according […]<\/p>\n","protected":false},"author":163946598,"featured_media":65509,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1379],"tags":[1657,1683,1870,1868],"class_list":{"0":"post-82535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-gbp","9":"tag-british-pound","10":"tag-canadian-dollar","11":"tag-exchange-rates","12":"tag-gbp-cad"},"acf":[],"yoast_head":"\nGBP\/CAD: Pound Crashes on UK PMI Data - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/CAD: Pound Crashes on UK PMI Data\",\"datePublished\":\"2019-11-22T13:05:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/\"},\"wordCount\":587,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/gbp-cad-surges-as-uk-avoids-recession.jpg\",\"keywords\":[\"british pound\",\"canadian dollar\",\"exchange rates\",\"gbp\\\/cad\"],\"articleSection\":[\"CAD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101572-gbp-cad-pound-crashes-on-uk-pmi-data\\\/\",\"name\":\"GBP\\\/CAD: Pound Crashes on UK PMI Data - 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