Sterling Gets Boost from Britain’s Improving Manufacturing

The Great Britain pound dipped at the start of the current trading session but halted its decline later and attempted to rally. The currency got additional boost from the better-than-expected manufacturing report.

The seasonally adjusted IHS Markit/CIPS Manufacturing Purchasing Managers’ Index edged up to 54.4 in May from 53.9 in April. That is compared to a drop to 53.5 predicted by analysts. It is important to note, though, that the April’s reading was the lowest in 17 months, meaning that the marginal increase in May does not look that good. Furthermore, the report said:

The improved trend signalled by the PMI masked several areas of potential concern.

GBP/USD edged up from 1.3293 to 1.3322 as of 10:26 GMT today after falling to the daily low of 1.3254. GBP/JPY rallied from 144.64 to 145.57.

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