Irish Manufacturing PMI Contracts as Global Slowdown and Brexit Uncertainties Reign
Arslan Butt • 1 min read
Looks like the global economic slowdown has finally made its impact on Ireland as well. For the first time since 2013, uncertainties over global trade and Brexit have caused Irish AIB manufacturing PMI to decline to 49.8 in June from 50.4 in May, indicating contraction.
Ireland’s key trading partners, Eurozone, Britain and the US are suffering from weak economic data, contraction or stagnating growth, and this has affected its manufacturing sector, causing the decline in the manufacturing PMI data. New orders have declined to 47.4 for a second consecutive month as Brexit concerns drag on with no clarity.
At the start of a new trading week, GBP/USD is trading in a range, just under the 1.27 level. At the time of writing, this forex pair is trading at 1.2698.