The manufacturing growth in the UK slowed to 52.5, a major miss from the target of 55.1 and last month`s 54.8. Bloomberg states that the key reasons for this contraction is due to the geopolitical risks and weakening demand.
A figure above 50 shows that there is growth in the economy. In this case, the growth momentum is slowing down.
To capitalize on the weakness of the pound, I shorted GBP/USD. This pair should take a few days to give good returns as the USD is not very bullish today. Weirdly, GBP/JPY dropped pre data and then rose in spite of the current economic conditions. The Yen`s weakness is prominent today, with USD/JPY rising not taking into account that it is a bank holiday for US and Canada today.
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