Forex weekly highs and lows meaning

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Joshua Mahony, market analyst at IG, said: ‘This morning’s UK manufacturing PMI underperformance dragged the pound to a three month low against the US dollar, with slowing growth further denting economic confidence in the wake of last week’s disappointing first quarter GDP reading. While the services sector remains the key driver of market expectations for growth, the weather induced decline in construction seen in March played a profound role in driving Q1 GDP lower. With manufacturing proving the only resilient sector throughout a tough March, today’s decline in growth proves exactly why markets are now pricing just a 16. 5 per cent chance of a rate hike next month.