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Sterling advanced against the euro this morning after the International Monetary Fund raised its forecasts for 2010 UK economic growth to 0.9%, up from an earlier prediction of 0.2%.
‘There has been an upswing in economic data, pointing to the UK going from being a laggard in the global recovery to closing the gap with the others,’ said Jane Foley, a currency trader.Sterling relinquished some of its gains against the euro, however, after an industry report revealed that UK manufacturing activity unexpectedly contracted last month. The UK Purchasing Managers Index (PMI) slipped to a reading of 49.5 in September from 49.7 the month before. Bloomberg expected the barometer to rise to 50.2. Readings below 50 indicate contraction.
