# Sterling drops as PMI surveys point to a recession - Financial Post

> Sterling fell after the S&P Global/CIPS flash PMI showed UK private-sector activity contracting at its fastest pace in two years in January. Businesses blamed higher Bank of England rates, strikes and weak consumer demand.

- Date: 2023-01-24 · published 2023-01-24T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/38021-sterling-drops-as-pmi-surveys-point-to-a-recession-financial-post
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Weak UK demand has little direct bearing on global feed grain balances, so the effect on feed prices is limited.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- financialpost.com: https://financialpost.com/press-releases/sterling-drops-as-pmi-surveys-point-to-a-recession/

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