The Great Brian pound rose against the US dollar and the Japanese yen yesterday and kept the gains today as the manufacturing sector expanded last month with faster pace than was expected. The currency remained soft versus the euro.
The Markit/CIPS UK Manufacturing Purchasing Managers’ Index rose from 51.5 in May to 52.5 in June. The reading was well above the predicted 51.3 and it was the highest in 25 months. A value above 50.0 indicates expansion.
The Bank of England will announce its decision regarding monetary policy on July 4. No changes are expected, but it will be interesting to listen to what the new BoE head, Mark Carney, has to say.
GBP/USD was at 1.5216 as of 00:40 GMT today after rising from 1.5199 to 1.5212 yesterday. GBP/JPY traded near 151.47 following the advance from 150.82 to 151.49. Meanwhile, EUR/GBP edged up from 0.8554 to 0.8582 on the Monday’s trading session and was at about 0.8584 on the current session.
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