Amid the news of the Markit Manufacturing, the the British pound sterling (GBP) inched lower against the US dollar.
Today, the Chartered Institute of Purchasing & Supply and Markit Economics released the Markit Manufacturing of July with a reading of 60.4 while bearing no change compared to the month before data.
The Market Manufacturing PMI stats reflect the current economic conditions of the manufacturing sector of the United Kingdom. The Manufacturing PMI is an important economic indicator as opposed to the Market Services PMI. That’s because the Market Services PMI does not influence the GDP as much as the Market Manufacturing PMI does.
The GBP/USD currency pair is now trading at 1.3892 as of this posting. With the help of support levels, which keep the GBP/USD price at the same level and prevent it from falling any further.
In addition, Asset Purchase Facility will be released on August 05, 2021, which might remain change compared to the previous month’s data and stand at £895B.
The Asset Purchase Facility is the amount of money that the Bank of England (BoE) intends to create and inject into the economy by purchasing open market bonds to affect long-term interest rates.
Given the macro-economic outlook of the pair over the past few days, buying the GBP/USD pair around current levels might be a good trading decision in the short to medium term.