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Data props up sterling after worst month in 10
September 1, 2017 / 8:51 AM / 3 months ago

Data props up sterling after worst month in 10

LONDON, Sept 1 (Reuters) - Sterling steadied above $1.29 on Friday, gaining back some initial losses in morning trade in London after the PMI index of sentiment among manufacturing sector purchasing managers came in well above forecasts.

The pound had lost around 0.2 percent in early deals before recovering to trade briefly in positive territory after the survey’s publication. By 0843 GMT, it was only marginally lower on the day at $1.2923.

Against the euro it gained just under 0.1 percent to 92.02 pence.

The survey showed Britain’s factories grew a lot more strongly than expected in August as work flowed in from home and abroad, suggesting the economy might be picking up speed after a slow first half of 2017. (Reporting by Patrick Graham; Editing by Saikat Chatterjee)

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