GBP VS USD:
Today(9th Jan, 2015) the U.K pound rose against American dollar(USD) after struggling 18months of being lowered.!!
This was because of the release of data released by U.K. office for National Statistics.
Report of U.K. office for National Statistics
They said that their manufacturing production beat the expectation of 0.3% gain by achieving 0.7% gain. This is really an awesome report for investors.
On the other hand, U.K. industrial production failed to achieve the excepted gain of 0.2%, however they could achieve 0.1% in November. When comparing this to October data, its much better.
USD stand steadily with the help of Jobless Labor report
Thrusday Department of labour announced that the jobless claims just near the expected value of 290,000. This boosted the support of USD over GBP. This also increased the expectations among the people for the government’s nonfarm payrolls readings.
Also for your information, Sterling was also stand much higher against the euro, with EUR/GBP edging down 0.17% to 0.7803.
Markit and the Chartered Institute of Purchasing & Supply Report:
The report from Markit and the Chartered Institute of Purchasing & Supply announced their construction PMI(Purchasing Managers Index) highly reduced in Novemeber. Also the analyst expected to fall in December to 58.5.
FYI: Purchasing Managers Index(PMI)
The report came a day after Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction PMI declined to a 17-month low of 57.6 last month.
Single Currency Pressure:
European Central Bank President Mario Draghi said that the mandate of price stability is higher not fullfilling and its not like six months ago. This statement leads to selling pressure of single currencies.
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