British Pound Plummets

The British Pound plummeted in early-morning trading following a bearish January CIPS PMI report. The expected reading was at 60.6 and the actual posted a decline to 59.2, sending the cable through the 1.9600 mark. Both employment and new business components slipped while input and output prices moved higher, suggesting that services demand remains relatively robust while underlying inflationary pressures persist. Read More....