The Pound Is Just Getting Demolished Today
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Key points:
[*=1]Output and new orders both register falls since January
[*=1]Tough market conditions, both at home and abroad, weigh on demand
[*=1]Staffing levels reduced at quickest pace for 40 months
The UK manufacturing sector lost considerable momentum during February, with output, new orders and employment all posting net reductions since January. Purchasing activity was also cut markedly, as manufacturers continued to signal a preference for lower stock holdings
full report ...
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There was also weak mortgage approval data out this morning from the BOE.
The pound has been one of the most hated currencies in the world lately (along with the Japanese yen) thanks to the flagging economy, declining trade balance, and expectation of more easing.
So it's just getting demolished today.