Better than expected data from the UK: manufacturing PMI rises to 54.1 points, indicating slightly stronger growth in a sector that hasn’t enjoyed strong growth in comparison with services and construction.
GBP/USDÂ climbs above 1.54 and reaches 1.5416. The pair already reached 1.550 last week.
Markit’s purchasing managers’ index (PMI) for the manufacturing sector was expected to tick up from 53 to 53.5 points in February. This sector has been the weakest link in the recent recovery, but it is a small one.
GBP/USD traded just under 1.54 towards the publication. The US dollar has generally shown some strength in recent days.
In addition, the UK released more figures: net lending to individuals was expected to rise to 2.7 billion from 2.2 billion beforehand. M4 Money Supply carried expectations for +0.3% and mortgage approvals for 61K.
These figures actually fell short: lending stands at 2.4 billion and money supply dropped by 0.8%. Mortgage approvals came in at 61K as expected.
Two more PMIs are due: construction and services.
More: GBPUSD forecast.
In this week’s podcast, we cover Yellen & the hike, AUD & CAD rate previews, Jobless claims vs. USD & Greek back burner
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