GBP Slips 0.27% Against USD Amid Strong ISM Data and Renewed Dollar Demand

The British Pound (GBP) has slipped 0.27% against the US Dollar on Monday, as strong ISM data and renewed US dollar demand weighed on its value.

According to TMGM trading, the US ISM Manufacturing PMI for July beat forecasts, increasing from 53.5 to 55.6, exceeding estimates of 54. The employment sub-component in companies increased for the first time since 2023, while prices paid indicated that input costs remain elevated.

The Pound Sterling retreats as stronger US ISM Manufacturing PMI and UK fiscal concerns shape sentiment. Investors are keenly digesting the fiscal policy of new Prime Minister Andy Burnham, with Chancellor John Healey instructing cabinet ministers to make cuts to their budgets.