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Pound Pares Gains Caused by Better-Than-Expected Manufacturing PMI

April 3, 2018 at 11:32 by Vladimir Vyun

20-pound banknotesThe Great Britain pound gained today, propelled higher by a better-than-expected manufacturing report, but has lost most of its gains by now.

The IHS Markit/CIPS UK Manufacturing PMI registered a reading of 55.1 in March, little changed from 55.0 in February. Analysts had predicted a lower value of 54.8. The better-than-expected print fueled speculations that the Bank of England will raise interest rates in May.

GBP/USD was little changed at 1.4039 as of 11:26 GMT today after rising to the daily high of 1.4089 earlier. EUR/GBP was down from 0.8758 to 0.8742 intraday but has rebounded to 0.8755 by now.

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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