UPDATE 2-Sterling strengthens against dollar and euro despite dire PMI data [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Sterling strengthens against dollar and euro despite dire PMI data LONDON (Reuters) - The pound strengthened against both the euro and the dollar on Thursday, even after dire British preliminary PMI readings for April, as market activity appears immune to new data about the disastrous economic fallout from the coronavirus. The IHS Markit/CIPS Flash UK Composite Purchasing Managers’ Index (PMI) fell to a record low of 12.9 from 36.0 in March - not even close to the weakest forecast in a Reuters poll of economists that had pointed to a reading of 31.4. The scale of the collapse all but guarantees a huge contraction in the world’s fifth-largest economy and will add to doubts about whether financial help from the government has reached businesses quickly enough. “This is indeed a very steep and deep contraction that we’re in at the moment, but that’s something that we already knew because of the fact that it is government mandated that businesses are closed,” said Bert Colijn, a senior ec
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