The GBP/USD currency pair showed modest reaction on the UK economic releases on Friday, as the reports revealed mixed results for July. However, a small impact from British macroeconomic data as well as the weakening US Dollar were not interfering the Sterling to extend gains by the mid-Friday session, where after post-data drop of 0.04% the British Pound rose to the highest level in five weeks to start trading in the 1.318-1.321 area.
The Office for National Statistics stated that the UK manufacturing output increased 0.5% over the month of July, showing the strongest gain this year. Coming along with weaker construction output, data suggested the UK economy to expand at a modest pace in the Q3.
| Historical Data Table: Manufacturing Production m/m | |||||
| Date | 11.05.2017 | 09.06.2017 | 07.07.2017 | 10.08.2017 | 08.09.2017 |
| Actual | -0.60% | 0.20% | -0.20% | 0.00% | 0.50% |
| Forecast | -0.20% | 0.80% | 0.50% | 0.00% | 0.30% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| GBP/USD | 1.31433 | 1.31377 | -0.04% | ||
| EUR/GBP | 0.91688 | 0.91707 | 0.02% | ||
| GBP/CAD | 1.59004 | 1.59073 | 0.04% | ||
| GBP/JPY | 141.47 | 141.456 | -0.01% | ||