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Sterling rose to its highest level against the dollar since early September on November 23 after a preliminary UK composite PMI showed business activity returning to growth for the first time since July. The pound climbed 0.5% to $1.2560.
A day earlier, Finance Minister Jeremy Hunt had cut the 2024 UK growth forecast to 0.7% from 1.8%.
The PMI data points to a weaker UK economy than earlier forecasts, which has little bearing on agricultural commodity supply, demand or prices. Its effect on feed markets is limited to the currency channel.
brecorder.comReutersNov 23, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
