Sterling weakened against both the euro and the dollar on Friday, as PMI data showed that the Services and Manufacturing industries slumped to a record low.
The final composite Purchasing Managers’ Index covering the two sectors fell to 36.0 from a preliminary “flash” reading of 37.1, and 53.0 in February. The figures signal the fastest downturn in service sector activity since the survey began in July 1996 and the fastest decline in manufacturing production since July 2012.
A former Bank of England official has warned that unemployment in Britain and the US could surpass the levels reached during the 1930s Great Depression within months, as the coronavirus crisis continues to impact the global economy.
Today, we’ll see Construction PMI, which is expected to drop into contraction territory, and Industrial Production figures on Thursday.
At the end of last week, Health Secretary, Matt Hancock, said that the government has “huge work” to do to fulfil its target of testing 100,000 people a day.
