Monexnews-Sterling plummeted to the weakest position since July 2010 against the Greenback after report of Markit Economics and the Chartered Institute of Purchasing Supply showed manufacturing sector & United Kingdom unexpectedly shrank to 47,9 in February. That number rises to 51 end of expectations.
Sterling also slumped for the 3rd time in the last 4 sessions versus the Euro after the Bank of England reported a drop in mortgage approvals in January, which signals early Middle housing market struggles to recover.
"The Data is expected to be positive, but the fact that the contrast has made Sterling battered," said Jane Foley, senior forex analyst at Rabobank International in London. "With a series of fundamentally United Kingdom that is negative, it is difficult to expect Sterling to rise. I think the United Kingdom currency will weaken this time of year. " (vid)
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