UK Fundamentals Lead to Mixed Performance of Sterling

UK fundamentals were mixed today, resulting in no clear trend for the Great Britain pound. The currency rose against the US dollar, fell versus the Japanese yen and was little changed against the euro.
The house price balance of Royal Institution of Chartered Surveyors was at 0.5 percent, compared to the forecast of 2 percent. Industrial production rose 0.1 percent in April from March, compared to the forecast of a 0.4 percent drop. As for the bad news, manufacturing production unexpectedly fell 0.2 percent in April.
The reports did not give clear picture of the UK economy, leading to erratic behavior of the sterling. The currency advanced versus the dollar, but dropped against the yen, which was strong today against most majors. The pound also declined against the euro, but rebounded later.
GBP/USD advanced from 1.5569 to 1.5638 as of 21:15 GMT today after falling to 1.5519. GBP/JPY dropped from 153.75 to 150.23. EUR/GBP edged up from 0.8511 to 0.8549 before retreating to 0.8507.

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