With the US celebrating Labour day yesterday conditions for liquidity were thin and, as expected, it was a quiet day.
EU manufacturing PMIs saw a slight upward revision to 45.8, while the UK's figures held steady at 52.5.
*Daily move - against G10 rates at 7:30am, 03.09.24
** Indicative rates - interbank rates at 7:30am, 03.09.24
Today’s ISM manufacturing PMIs will give markets a barometer of how the US economy is doing. A drop in activity will likely give another warning signal about the state of the US economy, while a drop in risk appetite could negatively impact the closely linked GBP. Risk aversion could see markets flock to safe havens.
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