{"id":96385,"date":"2020-02-21T03:00:19","date_gmt":"2020-02-21T08:00:19","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96385"},"modified":"2020-02-21T03:48:27","modified_gmt":"2020-02-21T08:48:27","slug":"102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\/","title":{"rendered":"GBP\/USD: Pound Hovers Around $1.29 Ahead of PMI\u2019s"},"content":{"rendered":"

The pound<\/a> was showing some resilience this morning after slipping lower versus the dollar every session this week. On Thursday the pound to US dollar exchange rate<\/a> tumbled through US$1.29 to a fresh year to date low of US$1.2850. The pair closed the session down 0.3% at US$1.12895. Across the week so far, the pound has shed 1.2%, giving back last week\u2019s gains.<\/p>\n

GBP\/USD<\/a> is up 0.1% at 07:45 GMT as attention shifts to PMI data.<\/p>\n

UK Manufacturing To Slip Back Into Contraction?<\/h2>\n

The pound<\/a> has trended lower across this week despite upbeat macro-economic data beating analysts\u2019 expectations. Average wages topped pre-financial crisis levels, inflation ticked closer to the Bank of England\u2019s 2% target and yesterday\u2019s data revealed that retail sales jumped 0.9% month on month in January. This was a substantial increase from December\u2019s -0.8% decline.<\/p>\n

 <\/p>\n

Underlying retail sales, which strips out the impact of fuel also increased an impressive 1.6%, yet the pound still declined. This can be partly attributed to a weak outlook for retail sales. February\u2019s wet weather and the coronavirus outbreak will almost certainly hit sales of those places frequented by Chinese tourists.<\/p>\n

Brexit uncertainty is also weighing on demand for the pound. Investors fear the two sides won\u2019t reach an agreed trade deal within the tight time frame.<\/p>\n

The pound could edge lower again today as investors look towards PMI readings for the manufacturing sector and service sector. Analysts are expecting activity in the manufacturing sector to slip back into contraction after stagnating in January.<\/p>\n

PMI\u2019s To Reveal Impact Of Coronavirus?<\/strong><\/h3>\n

The dollar ruled in the previous session, boosted by safe haven flows in a risk off session. With multiple companies warning over the potential impact of the coronavirus outbreak on revenues, and fears of coronavirus spreading rapidly across Asia, the dollar has remained strong.<\/p>\n

Today dollar investors will look to February PMI data for clues over the health of the US economy. The coronavirus outbreak started grabbing the headlines in late January. The full extent of the crisis only became apparent in February. More companies, such as Apple have warned on revenue on the back of the spread of coronavirus. PMI\u2019s are forward looking so could give an initial idea as to the impact that the virus is having on companies and economies.<\/p>\n

\n
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The pound was showing some resilience this morning after slipping lower versus the dollar every session this week. On Thursday the pound to US dollar exchange rate tumbled through US$1.29 to a fresh year to date low of US$1.2850. The pair closed the session down 0.3% at US$1.12895. Across the week so far, the pound […]<\/p>\n","protected":false},"author":163946597,"featured_media":4203,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[2139,1394,1457,1454,1391,1392,1397,1398],"class_list":["post-96385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-coronavirus","tag-gbp","tag-manufacturing","tag-pmi","tag-pound","tag-sterling","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"\nGBP\/USD: Pound Hovers Around $1.29 Ahead of PMI\u2019s - 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\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\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\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Hovers Around $1.29 Ahead of PMI\u2019s\",\"datePublished\":\"2020-02-21T08:00:19+00:00\",\"dateModified\":\"2020-02-21T08:48:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/\"},\"wordCount\":640,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100289-gbp-eur-manufacturing-pmi.jpg\",\"keywords\":[\"coronavirus\",\"gbp\",\"manufacturing\",\"pmi\",\"pound\",\"sterling\",\"us dollar\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102454-gbp-usd-pound-hovers-around-1-29-ahead-of-pmis\\\/\",\"name\":\"GBP\\\/USD: Pound Hovers Around $1.29 Ahead of PMI\u2019s - 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