The Great Britain pound rose against the euro today as positive macroeconomic reports, including the unexpectedly good data about manufacturing and industrial production, increased appeal of the currency. The sterling was down versus the US dollar, erasing its previous gains.
Manufacturing production rose 1.2 percent and industrial production increased 1.0 percent in May from April, while little change was expected. The trade balance deficit (seasonally adjusted) fell to £8.4 billion in May from £9.7 billion in April. The RICS UK Housing Market Survey was a notable exception to the set of good data, showing that the seasonally adjusted net house price balance dropped from -17 to -22, meaning that 22 percent more surveyors recorded price falls rather than rises.
EUR/GBP fell from 0.7930 to 0.7916 as of 12:32 GMT today. GBP/USD traded at 1.5498, following the earlier surge from 1.5526 to 1.5551.
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