# Sterling rises to highest since early Sept on PMI beat - Markets - Business Recorder

> 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%.

- Date: 2023-11-23 · published 2023-11-23T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/33424-sterling-rises-to-highest-since-early-sept-on-pmi-beat-markets-business-recorder
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

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.

## Sources

- brecorder.com: https://www.brecorder.com/news/40274823

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.