Sterling Rises with PMI, Sheds Gains

The Great Britain pound was rising today as the gauge of Britain’s manufacturing increased last month, exceeding expectations. Yet the currency shed part of its gains as of now and actually trades below the opening level against the US dollar.

The Markit/CIPS UK Manufacturing Purchasing Managers’ Index rose from 56.5 in October to 58.4 in November. The median analysts’ estimate promised that the index would stay unchanged. The sector was expanding for the eighth consecutive month.

The sterling was able to keep the rally against the yen, which was very weak, and the euro. The dollar was too strong for the UK currency to compete with.

GBP/USD rose from 1.6368 to 1.6441 intraday, but slipped to 1.6353 as of 21:36 GMT today. GBP/JPY traded at 168.36 after rallying from 167.75 to 168.77. EUR/GBP slid from 0.8296 to 0.8251 before trading at 0.8277.

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