Pound Rises over UK Out­put Data

The Economic Times - - Finance & Commodities -

The pound rose ver­sus the dol­lar af­ter data showed Bri­tish man­u­fac­tur­ing grew faster than ex­pected in July, bol­stered by the strong­est jump in ex­port or­ders in seven years. Ster­ling is on track for its third day of gains as a re­port showed the IHS Markit’s fac­tory PMI climbed to 55.1 in July from 54.2 in June, above an­a­lysts’ es­ti­mates of 54.5. The head­line mea­sure, which was higher than the key 50 level that di­vides ex­pan­sion from con­trac­tion, is the mar­ket’s ini­tial look at 3Q data and comes as BoE pol­icy mak­ers meet ahead of their lat­est in­ter­est-rate an­nounce­ment on Thurs­day.

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