Data this week is PMI with manufacturing on Wednesday, construction Thursday and then finishing off with services on Friday. These were all still above that important 50 level last month, but as highlighted by the Chinese data overnight, a slip back below 50 is an important pivot level psychologically. The pound has the most challenging start of any currency to 2019 as on top of economic issues we still have the small matter of Brexit to resolve, making it even harder than usual to guess where sterling could be in just a few weeks’ time.
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