Pound Rallies Despite Conflicting Economic Reports

The Great Britain pound gained today as the outlook for monetary tightening continued to support the currency despite today’s mixed macroeconomic data.

Manufacturing production rose 0.4% in August, while industrial production increased by 0.2%. Experts had predicted a rise by 0.2% for both indicators. Meanwhile, the trade balance widened by £6.2 billion to £13.2 billion instead of falling as forecasters had promised. Still, market participants did not think that it will deter the Bank of England from an interest rate hike in the near future.

GBP/USD advanced from 1.3139 to 1.3193 as of 9:50 GMT today. GBP/CHF ticked up from 1.2870 to 1.2882.

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