After a weak start to the day, the pound recovered in the afternoon on Friday, boosted by positive PMI data. Manufacturing grew at its fastest pace in 10 months in February, coming in at 52.8 and beating expectations of 49.7.
Services fell to 53.3 down from a figure of 53.9 last month, whilst the composite figure remained unchanged. The survey overall paints a positive picture of the UK economy, reducing the chance of interest rates being cut by the Bank of England.
However, the survey also highlighted that there are concerns over the impact of the coronavirus.
The pound is slightly weaker this morning, and this week it’s expected to be driven by any Brexit headlines and the movements of other currencies, which may be impacted by the coronavirus. This week is lighter on data, but mortgage approvals will be released today and consumer confidence figures on Friday.
