GBP/USD is pushing higher after modest gains in the previous week. The pound managed rise on Friday despite UK manufacturing PMI data confirming that the sector slumped sharply in August. The manufacturing PMI came in at 43 in August, down from 45 in July. The data adds to evidence that the UK economy is coming under increasing pressure as the BoE continues to hike interest rates to tame high inflation. Over the weekend, the UK chancellor of the exchequer, Jeremy Hunt, provided some optimism that inflationary pressures could ease further. Hunt said that inflation is expected to decline to 5% by the end of the year. ... (full story)