The Sterling gained strongly on the USD on Tuesday. Manufacturing PMI was released and produced a positive reading of 58.0, slightly above the estimate of 57.8. Today Net Lending to Individuals and Construction PMI data will be published along with Final Mortgage Approvals. All three reports are forecasted to show an improvement and investors will pay close attention. The recovery in the GBP yesterday showed once again that the Sterling is able on occasion to break free from the grasp of the EUR centric saga it has been shadowed by. The divergence in trading shows that there are enough investors and financial institutions that can and need to act on their own. Tomorrow the Services PMI number will brought forth. The wave of data that will be released in the U.K. today and tomorrow will throw new ‘evidence’ into the sphere and could have an impact on trading.
Written by bforex.com