11 Week high against the USD brings great buying opportunities

Sterling exchange rates have spiked today at 1.6153 against the green back which is an 11 week high.

The pound was boosted in early trade by the UK manufacturing data. Calculated on a scale reading the level rose from 62.0 in January from an upwardly revised 58.7 in December. This was above market expectations which was fore-casted at 57.9.  The positive data overshadowed the poor British mortgage approvals fell more than expected in December to the lowest since March 2009.

Although this has been positive against the USD against a host of other majors the pound spiked in the mornings trade but then came crushing back down which goes to show that there has maybe been more US Dollar weakness than pure sterling strength.

All eyes will now be on construction and services PMI data due on Wednesday and Thursday.

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