News Column

Pound Climbs After U.K Manufacturing PMI

July 1, 2014

BRUSSELS (Alliance News) - The British currency strengthened against the other major currency in the early European session on Tuesday after the release of a report showing an expansion in the UK manufacturing activity in June. Data from Markit economics showed that the UK manufacturing PMI rose to a 7-month high of 57.5 in June, compared to 57 in May. Economists expected the index to rise to 56.8.

The pound rose to 1.7131 against the US dollar, its highest since October 2008. This may be compared to early low of 1.7094. At yesterday's close, the pound was trading at 1.7104.

Moving away from an early low of 173.25 against the yen, the pound climbed to nearly a 2-week high of 173.91.

The pound advanced to 4-day highs of 1.5197 against the Swiss franc and 0.7988 against the euro, from early lows of 1.5161 and 0.8006, respectively.

If the pound extends its uptrend, it is likely to find resistance around 0.78 against the euro, 1.72 against the greenback, 174.20 against the yen and 1.53 against the franc.

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Source: Alliance News

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