Pound Weakens, Investors Await US PMI Data
The pound sterling (GBP) weakened to around 1.3480 against the US dollar (USD) during the European trading session on Tuesday (September 2). This decline occurred as the US dollar strengthened ahead of the opening of American markets after the Labor Day holiday, while investors awaited the August Manufacturing PMI data.
The US Dollar Index (DXY), which measures the greenback against six major currencies, rose near 98.00. Economists expect the US manufacturing PMI to improve slightly to 49.0 from 48.0 previously, but remains below 50.0, which indicates a contraction in business activity.
In addition to the headline PMI, investors will also look at supporting figures such as Prices Paid and Employment to understand the impact of the US President's tariffs on inflation and the labor market. This data is key to predicting economic movements and future investor decisions. (ayu)
Source: Newsmaker.id