Manufacturing data this morning could give the pound a boost

GBP EUR Exchange Rate: Weekly Review July 16  

Sterling exchange rates have a had a tough time in the past week following the first interest rate decision under the new governor Mark Carney in which indications were given for the base rate to remain low for many months to come. This put pressure on the pound and we have seen rates shift nearly two cents since last Thursday. This negative news as far as the pound is concerned goes against the grain of late as much of the data sets from the UK have been much better of late and this trend may continue this morning. At 09:30 we have manufacturing and industrial production data – forecasts are for improving figures and this could lend some support to the pound this morning. Anyone looking at short term positions may find an opportunity.

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