The Pound has made advances against all major currencies during this morning’s trading session following the release of UK manufacturing data which came out a lot higher than expected.
The figures for August came in above expectation at 53 compared to last month of 48 and not only is above 50 a positive but the figures were hugely better than expected leading to Sterling strength vs the Canadian Dollar.
This provides further evidence that although the Brexit had a devastating effect at the time the economic data that has since come out has shown things were not as bad as expected which has helped the Pound to recover.
Markit said the month on month increase in the Purchasing Manager’s Index level was one of the largest in the survey’s 25-year history.
Tomorrow afternoon could cause even further volatility for Sterling vs the Canadian Dollar when we eagerly anticipate US non-farm payroll data.
This can often be the most important economic data of the week and therefore can cause large movements for the currency.
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