Markets

Sterling back under $1.55 after UK manufacturing miss

Published January 2, 2015 Updated January 2, 2015 09:46am

1 min

By Parvez Jabri

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LONDON: Sterling started 2015 on a weak note on Friday, falling under $1.55 to a nine-day low after data showed British manufacturing expanded at a much slower pace than expected in December.

While the index held above the 50 threshold for growth for a 22nd straight month, the Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) added to evidence that consumers will remain the main driver of Britain's economic recovery.

Sterling fell to $1.5494 after the data from around $1.5517 beforehand, down over half a percent on the day. Against the euro, the pound weakened to 77.75 pence.

March gilt futures edged marginally higher, rising to 119.24 from 119.22 just before the data was released.

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