Sterling in forex trading
The latest news out of Britain is weighing on the pound, bringing it lower. Indeed, the sterling is struggling in forex trading as the latest manufacturing data disappoints.
Median projections for Britain?s PMI had been 49.7, but the actual index ended up at 45.9, down from April?s 50.5. The dramatic drop is weighing on the UK pound in currency trading, pushing it lower.
It?s also not helping matters that the eurozone is quickly descending into a horrible mess. Concerns about Spanish banking are the big issue today, but in the background are continued uncertainties about Greece, as well as worries about Italy and Portugal. Safe haven currencies are in demand, and high beta currencies like the pound and the euro are being shunned in forex trading.?
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