The British pound today gained ground against the US dollar amid a raft of positive UK macro releases such as the Markit/CIPS UK Services PMI. Positive releases from the US docket in the early American session could not derail the pound’s rally against the US dollar.
The GBP/USD currency pair gained over 55 points from a low of 1.3504 to hit a high of 1.3560 during the mid-European session.
The release of the Markit/CIPS UK Services PMI in the early European session was the main trigger behind the pound’s initial rally as it was recorded at 54.2 versus the expected 54. The UK Mortgage approvals for November also surprised to the upside as they came in at 65,100 as compared to the expected 64,100 approvals. According to the Bank of England, net consumer credit for November was disappointing as it was recorded at £1.4 billion as opposed to the expected £1.5 billion print.
The pound dipped slightly in the mid-European session after the release of positive US ADP employment change report, which came in at 250,000 as opposed to the expected 190,000. The release of the initial jobless claims data by the Department of Labor had minimal impact on the pair as they were recorded at 250,000 versus the expected 248,000. The Markit US Services PMI was also higher than expected by coming in at 53.7 versus the expected 52.4.
The currency pair’s future performance is likely to be affected by tomorrow’s NFP data and US ISM Non-manufacturing composite.
The GBP/USD currency pair was trading at 1.3539 as at 17:07 GMT having declined from a daily high of 1.3560. The GBP/JPY currency pair was trading at 152.77 having rallied from a low of 152.12.
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