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Forex News: Pound Weakens As U.K. Business Activity Falls To

Pound Weakens As U.K. Business Activity Falls To 2-yr Low

01/24/2023 - 08:26:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in European deals on Tuesday, as the UK private sector contracted at the fastest pace in two years in January, raising the risk of the economy slipping into recession.

Flash survey data from S&P Global showed that the composite output index declined unexpectedly to 47.8 in January from 49.0 in December. The expected score was 49.3.

The index has remained below the 50.0 threshold for the sixth straight month and the latest decline marked the biggest fall since the national lockdown in January 2021.

At 48.0, the services Purchasing Managers' Index fell from 49.9 in December. The score was forecast to fall moderately to 49.6.

Meanwhile, the manufacturing PMI rose to a four-month high of 46.7 from 45.3 in the previous month. Economists had forecast the index to rise slightly to 45.4.

The GBP/JPY pair fell to a 2-day low of 160.16. If the pound falls further, 158.00 is likely seen as its next support level.

The GBP/CHF pair touched a 2-day low of 1.1348. The next possible support for the pound is seen around the 1.11 level.

The GBP/USD pair declined to a 6-day low of 1.2301. The currency is likely to face support around the 1.21 region.

The pound was down against the euro, at a 1-week low of 0.8829. The pound may challenge support around the 0.90 level.

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