Pound Rallies, Boosted by UK Data & Market Sentiment

The Great Britain pound rallied today, getting help both from domestic macroeconomic reports and the positive general market sentiment. The currency jumped almost 2 percent against the Japanese yen.
The UK trade balance showed a deficit of £8.0 billion in May, shrinking instead of rising as was predicted by analysts. It was the smallest trade gap since June 2013. Not all reports were good, though, as construction output contracted 1.3 percent in May, frustrating those economists who had promised an increase. Still, the sterling joined other currencies in a rally due to the optimistic mood of Forex traders.
GBP/USD rose from 1.5378 to 1.5500 as of 13:40 GMT today, and its daily high was at 1.5550. GBP/JPY surged from 186.56 to 190.12.

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