The Great Britain rose against the US dollar and the Japanese yen, but was stable against the euro after weakening yesterday. The moves were small as mixed fundamentals did not give the currency reasons to go in any particular direction.
UK manufacturing production rose 0.8 percent in February from January, when it fell 1.9 percent. The actual increase was twice as big as the forecast figure of 0.4 percent. The trade balance deficit widened from £8.2 billion in January to £9.4 billion in February on seasonally adjusted basis. The shortfall was bigger than the predicted £8.7 billion.
Analysts had different views on this week’s trading environment for the pound. In a way, they all were right as data, which was expected to be good, was even better, while other reports were even worse than pessimistic forecasts. The conflicting influences resulted in an indecisive movement of the sterling.
GBP/USD rose from 1.5320 to 1.5336 and GBP/JPY went up from 151.70 to 151.86 as of 3:01 GMT today. EUR/GBP was at 0.8531 today after rising from 0.8525 to 0.8535 yesterday.
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