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Pound Rallies Despite Conflicting Economic Reports

October 10, 2017 at 9:51 by Vladimir Vyun

Stacks of coins and a fan of pound notesThe Great Britain pound gained today as the outlook for monetary tightening continued to support the currency despite today’s mixed macroeconomic data.

Manufacturing production rose 0.4% in August, while industrial production increased by 0.2%. Experts had predicted a rise by 0.2% for both indicators. Meanwhile, the trade balance widened by £6.2 billion to £13.2 billion instead of falling as forecasters had promised. Still, market participants did not think that it will deter the Bank of England from an interest rate hike in the near future.

GBP/USD advanced from 1.3139 to 1.3193 as of 9:50 GMT today. GBP/CHF ticked up from 1.2870 to 1.2882.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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