The pound sterling weakened on Friday after the release of disappointing UK manufacturing data. The figures showed a contraction in the sector, raising concerns about the strength of the UK economy.

Key Factors Influencing the Pound

• Manufacturing Data: The primary driver of the pound’s weakness was the weaker-than-expected manufacturing PMI (Purchasing Managers’ Index) data.
• Economic Outlook: The data has fueled concerns about the overall economic outlook for the UK.
• Investor Sentiment: The negative data has impacted investor sentiment towards the pound.

Market Reaction

The pound experienced a noticeable dip against major currencies following the data release. Analysts are closely monitoring the situation to assess the potential for further declines.

Further economic data releases in the coming days will be crucial in determining the pound’s trajectory.