Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI

The Great Britain pound gained today, propelled higher by a better-than-expected manufacturing report, but has lost most of its gains by now.

The IHS Markit/CIPS UK Manufacturing PMI registered a reading of 55.1 in March, little changed from 55.0 in February. Analysts had predicted a lower value of 54.8. The better-than-expected print fueled speculations that the Bank of England will raise interest rates in May.

GBP/USD was little changed at 1.4039 as of 11:26 GMT today after rising to the daily high of 1.4089 earlier. EUR/GBP was down from 0.8758 to 0.8742 intraday but has rebounded to 0.8755 by now.

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