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More Positive UK News Sees the Pound Consolidate Gains GBP/USD, GBP/EUR

Published: 6 Aug at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Economy, Inflation, Pound Euro Exchaneg Rate, Pound Dollar Exchange Rate,

After UK services PMI was shown to have unexpectedly surged in July, hitting its highest level for over six years, Britain’s economic outlook was boosted and the Pound broadly strengthened.

Sterling climbed to 1.5375 against the US Dollar yesterday, extending an earlier gain, and hit a high of 1.1623 against the Euro.

In response to the services report London-based economist James Knightly commented: ‘The UK economy is gaining momentum and therefore there is little need for any further direct stimulus in the form of rate cuts or quantitative easing. Instead, it is about maintaining the current accommodative monetary-policy environment to ensure the recovery continues. This means of course forward guidance.’

On Tuesday the positive UK news continued as house prices were shown to have risen at the most rapid pace since 2010.

This was followed by data revealing a surprisingly strong advance in UK industrial and manufacturing production.

Industrial production was forecast to climb by 0.7 per cent month-on-month while an increase of 1.0 per cent was predicted for manufacturing production. However, output actually jumped by 1.1 per cent and 1.9 per cent respectively.

The Pound strengthened against peers including the US Dollar and Euro after the data was released.

Meanwhile, the British currency remains slightly softer against its Australian counterpart today after falling against the ‘Aussie’ during the Australasian session. The Australian Dollar broadly strengthened in response to the RBA’s decision to issue a rate cut.

While additional GBP/EUR movement may occur in response to German factory orders figures, due out at 11:00 GMT, investors will also be looking ahead to today’s UK NIESR GDP estimate for July.

With influential US news thin on the ground today, GBP/USD fluctuations will be driven by UK news. The outlook for the pairing is fairly neutral as the US Dollar garners support from yesterday’s strong US non-manufacturing composite index and the Pound consolidates gains ahead of tomorrow’s Bank of England inflation report.