GBP/MYR settles above 2-week low, posts weekly gain

The GBP/MYR currency pair settled above Friday’s low of 5.6578, its weakest level since August 7th, after data showed UK manufacturing sector had contracted more than expected in August.

The S&P Global UK Manufacturing PMI came in at a reading of 47.3 in August, down from 48.0 in July, against expectations of 48.3.

Businesses cited weak new orders and intense competition, as global demand was still subdued amid US tariff uncertainty.

On the other hand, UK services sector growth was the fastest in a year in August, surpassing market forecasts.

Meanwhile, Malaysia’s annual consumer inflation has picked up to 1.2% in July from an over 4-year low of 1.1% in June.

Core CPI inflation remained stable at 1.8% in July – the highest rate since November 2023.

The exotic Forex pair gained 0.12% for the week.