GBP/USD climbs above 1.2600, driven by optimistic UK data

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GBP/USD hits 12-week high amid positive data

The Pound Sterling (GBP) advances to a new 12-week high against the US Dollar (USD) courtesy of better-than-expected data revealed on Thursday, which sparked a sell-off of Gilts; consequently, UK bond yields rose. The GBP/USD is trading at 1.2606 after hitting a high of 1.2615.

S&P Global revealed that business activity in the United States (US) remains solid after the Services and Composite PMIs exceeded forecasts. Nevertheless, the Manufacturing PMI slipped below the 50 expansion/contraction threshold, painting a mixed scenario for the economy. In the next week, the Institute for Supply Management (ISM) will update the readings for December. Read more…

GBP/USD looks poised to extend its rebound – Scotiabank

Sterling a moderate outperformer on the day. Economists at Scotiabank analyze GBP’s outlook. Read more…