GBP Remains Heavy – Cable clocked a fresh 19-day low at 1.3221, reflecting pound underperformance. Hey Majesty’s currency is trading at two-week lows. A big miss in the UK construction PMI today, which followed a more moderate miss in the UK manufacturing PMI survey, has clouded the shine of sterling further. Market participants are now concerned that the September PMI survey for the big service sector (due tomorrow) will follow suit and disappoint, which in the event would suggest that the economy’s stagnation is worsening.
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