GBP/USDhas posted slight gains for a third successive day and is currently at its highest level since November 18th. In European trade, GBP/USD is trading at 1.2970, up 0.24% on the day. On the economic front, BRC Retail Sales Monitor recorded a sharp drop of 4.9%, compared to the estimate of -0.4%. This points to weak consumer demand, which is bad news for the British economy.
PMIs in the Spotlight
The British manufacturing sector has been struggling, withManufacturing PMIreadings mired below the 50-level, which separates contraction from expansion. In October, the PMI improved to 49.6, but slipped lower in November, with a reading of 48.9. Still, this figure beat the forecast of 48.3 pts. Next up isConstruction PMI, which has also been pointing to contraction. The PMI came in at 44.2 in October and the estimate for November stands at 44.5 pts.
This article was written by FX Empire's Kenny Fisher, for the full article: