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Pound falls before UK manufacturing PMI data

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London - The pound weakened for a second day against both the dollar and the euro before data that economists forecast will show U.K. manufacturing growth expanded at a slower pace for a fourth month in April.

Markit/CIPS Purchasing Managers Index fell to 54 last month, according to the median estimate of analysts surveyed by Bloomberg. While that’s above the key 50 level that divides expansion from contraction, it’s down from 54.2 in March.

Sterling has shown resilience in recent weeks and was boosted last month after Prime Minister Theresa May called a snap election, which some in the market thought would mean a smoother UK exit from the European Union.

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