GBP is showing impressive resilience to disappointing data – Scotiabank

FXStreetNov 21, 2025 2:04 PM

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Pound Sterling (GBP) is soft, down a marginal 0.1% against the US Dollar (USD) and a mi performer among the G10 in an environment of persistent USD strength, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

GBP is showing bad news in largely priced

"The UK’s preliminary PMI’s were mixed with a disappointment in services (50.5 vs. 52.0 exp. & 52.3 prev.) and an unexpected recovery in manufacturing (50.2 vs. 49.2 exp. & 49.7 prev.). Retail sales figures for October were unexpectedly weak, and public sector borrowing figures surprised to the upside."

"Sentiment for the UK and GBP remain weak heading into the November 26 budget release however we feel that the balance of risk is tilted to the upside as much of the bad news is already priced in."

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