Pound Advances as Manufacturing PMI Unexpectedly Expands

The Great Britain pound advanced today as UK manufacturing unexpectedly expanded last month, improving outlook for the nation’s economy and increasing attractiveness of the British currency.
The Markit/CIPS UK Manufacturing Purchasing Managers’ Index rose from 50.2 in April to 51.3 in May. It was the highest reading since March 2012. Analysts have expected that the gauge would stay unchanged. The expansion of manufacturing added to evidences that Britain’s economy is on track to recovery.
GBP/USD rose from 1.5203 to 1.5254 as of 11:10 GMT today and its daily high of 1.5287 was highest since May 16. GBP/JPY advanced from 152.67 to 153.06.

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