The British Pound Sterling to Dollar exchange rate traded at 1.2477 on Wednesday, February 22, having recovered from this week’s low set at 1.2401 on the previous day.
The US Dollar retains a positive bias but has given back some of its gains after two noted data releases came in below expectation.
With the US Dollar being traded according to expectations on the number of times the US Federal Reserve will raise interest rates in 2017 data must come in ahead of investor expectations.
Any suggestions the economy is slowing will surely result in the Fed turning shy on moving interest rates.
Manufacturing PMI for February read at 54.3, down from a previous 55, analysts were expecting a reading of 55.3.
Services PMI for February read at 53.9, down from the previous month’s 55.6, analysts were expecting 55.8.
IHS Markit, the compilers of the report, noted the latest reading signalled that private sector output growth moderated from the 14-month high recorded at the start of 2017.
Meanwhle, dollar rose 0.2 percent against a basket of major currencies and 0.3 percent versus the euro. However, the greenback dipped around a third of a percent against the yen,
