The British pound saw solid gains against its closest rivals

The British pound saw solid gains against its closest rivals yesterday with GBP seeing better manufacturing results than Germany—the UK Final May manufacturing PMI came in a 40.7 against a previous estimate that sat around 40.6. Germany’s respective figure came in at 36.6, which was not only lower than the UK but also lower than market estimates. On that note, Brazil’s recent report of a lower quarterly economy in comparison to the last quarter of 2019 is set to push its currency down against sterling pound as long as the UK continues to see positive figures in the coming months. In fact, its GDP shrank 1.5% during that period, the first contraction since 2016, down against the revised 0.4% achieved the previous quarter. The UK also passed its crown as the coronavirus epicenter to Brazil, which could in many ways push the currency down against a number of rivals, especially the sterling pound.