Positive UK Economic Data Makes Pound Stronger

The Great Britain pound rose against the US dollar and the euro yesterday and kept most of its gains today as macroeconomic reports were very good. The currency lost to the Japanese yen despite the good fundamentals.
The Markit/CIPS UK Services Purchasing Managers’ Index demonstrated a huge jump from 56.9 to 60.2 in July. It was the highest reading since December 2006. British Retail Consortium reported that UK retail sales values were up 2.2 percent on a like-for-like basis in July from a year ago. It was also the best reading since 2006.
The fundamental data continues to look amazingly good, making the pound strong after the week of losses. Still, the currency fell against the yen, which gained against all other majors.
GBP/USD rose from 1.5285 to 1.5325 yesterday and remained near this level today as of 3:55 GMT. EUR/GBP traded at 0.8637 after falling from 0.8680 to 0.8632 on the previous trading session. Meanwhile, GBP/JPY slid from 150.88 to 150.55.

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