The Great Britain pound has started the week on soft note but recovered as of now, gaining against other major peers. The currency demonstrated especially big gains against the Japanese yen.
News from the United Kingdom itself was not particularly supportive for the currency as the Industrial Trends Survey from Confederation of British Industry came out weaker than markets had anticipated. The report said:
The recovery in British manufacturing continued in the three months to April, but the pace of growth eased and export orders growth remained sluggish, according to the latest CBI Quarterly Industrial Trends Survey.
Now, traders wait for the report about gross domestic product that will be released tomorrow. Experts predict that the data will show slowdown of economic growth, albeit not a big one.
GBP/USD was up from 1.5186 to 1.5245 (the highest since March 6) as of 16:10 GMT today after falling to 1.5106 earlier. GBP/JPY jumped from 180.69 to 181.45, reaching the strongest level since March 12.
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