Great Britain Pound Steady, Undeterred by Poor Economic Data

The Great Britain pound was steady today as the recent bout of poor macroeconomic releases did not deter investors from the currency.

The Purchasing Mangers’ Indexes for Great Britain released this week were universally disappointing. Yet it looks like they did not prevent market participants from expecting the Bank of England to perform monetary tightening in the not-so-distant future. While the sterling pulled back from the recent highs, it was still trading not far from the nine-month high reached against the dollar in May.

GBP/USD traded at 1.2941 as of 9:39 GMT today after opening at 1.2932. GBP/CHF rose from 1.2464 to 1.2484.

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