8 Apr 2014
GBP/USD holds near one-month highs
FXStreet (London) - GBP/USD remains near one-month highs following positive words from the IMF as well as a day of dollar selling.
IMF praise
The international Monetary Fund raised its growth forecast for the UK to2.9 percent in 2014, expecting it to ease to 2.5 percent next year. The upward revision is the second in six months and is up from previous forecasts of 2.4 and 2.2 percent.
Data released this morning by the Office for National Statistics showed that manufacturing output expanded by 1.0 percent month-on-month in February, the biggest increase since September. The increase brings year-on-year growth to 3.8 percent – its highest rate of expansion in three years.
Dollar remains under pressure in light data
The dollar has come under pressure today with continuing bearish momentum from last week’s disappointing US jobs numbers. With little in the way of top-tier data today or yesterday, the slight miss on expectations has continued to drag on the dollar.
GBP/USD is currently trading at USD1.6746, up 0.82 percent on the session, holding near to one-month highs set earlier today at USD1.6754.
IMF praise
The international Monetary Fund raised its growth forecast for the UK to2.9 percent in 2014, expecting it to ease to 2.5 percent next year. The upward revision is the second in six months and is up from previous forecasts of 2.4 and 2.2 percent.
Data released this morning by the Office for National Statistics showed that manufacturing output expanded by 1.0 percent month-on-month in February, the biggest increase since September. The increase brings year-on-year growth to 3.8 percent – its highest rate of expansion in three years.
Dollar remains under pressure in light data
The dollar has come under pressure today with continuing bearish momentum from last week’s disappointing US jobs numbers. With little in the way of top-tier data today or yesterday, the slight miss on expectations has continued to drag on the dollar.
GBP/USD is currently trading at USD1.6746, up 0.82 percent on the session, holding near to one-month highs set earlier today at USD1.6754.