Commentary from Jordan Hiscott, Chief Trader at ayondo markets
“Sterling is showing weakness across the board today, having fallen in dramatic fashion to 1.2845, after trading at 1.34 only two weeks ago. The capitulation appears to be coming from negative sentiment taken from Theresa May’s Article 50 plans, revealed at this weekend’s Tory Party Conference, which some commentators have interpreted as a ‘hard Brexit’.
“Interestingly, manufacturing PMI data, released earlier this morning, showed that output is at its highest level since 2014 – this should in theory boost the currency. This contradictory nature of fact-based data versus sentiment taken from political speeches is likely to be a continuing theme in the run up to the triggering of article 50, now set for April next year.”