The GBP/USD currency pair kept going upwards in response to Tuesday's report pointing to an advance in the UK manufacturing production. The Sterling extended gains against the US Dollar with a modest increase of 10 pips to appreciate further in the 1.3220 area.
Office for National Statistics report indicated that the Britain's manufacturing output rose 0.4% in the month of August, despite expectations for a weaker growth pace of 0.2%. The set of better-than-anticipated reports supported bullish sentiment, allowing the British Pound to get stronger footing. Overall, upbeat figures increased likelihood of the Bank of England's interest rate hike at the next monetary policy meeting in November.
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| Historical Data Table: Manufacturing Production m/m | |||||
| Date | 28.04.2017 | 29.05.2017 | 28.06.2017 | 27.07.2017 | 28.08.2017 |
| Actual | 0.80% | 1.20% | –0.1% | 0.00% | 2.60% |
| Forecast | 0.60% | 0.20% | 0.20% | 0.50% | 0.90% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| GBP/USD | 1.31804 | 1.31908 | 0.08% | ||
| EUR/GBP | 0.89404 | 0.89281 | -0.14% | ||
| GBP/CAD | 1.64962 | 1.65119 | 0.10% | ||
| GBP/JPY | 148.108 | 148.287 | 0.12% | ||