Forex: GBP/USD – Sterling trading above 1.52

on Jul 2, 2013
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iNVEZZ.com Tuesday July 2th: The pound yesterday oscillated between gains and losses following the release in the American session of a number of economic updates, with the pair registering a low at 1.5184 and a high at 1.5248.

The Markit Economics US manufacturing PMI for June came out stronger than expected, albeit that the final reading of 51.9 was lower than the 52.3 in May.
The Institute for Supply Management (ISM) Manufacturing PMI also produced better than expected results. The index rose to 50.9 points in June, above the forecast for 50.5 and the previous month’s 49.0.

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UK economic updates yesterday helped the pound to hold onto its gains.
The Markit UK Manufacturing PMI final reading for June was 52.5, up from the revised May reading of 51.5and the highest level since May 2011. The period March to June had the strongest continuous growth in British manufacturing since the second quarter of 2011.

UK’s mortgage approvals and consumer credit data were also reported yesterday, beating both expectations and previous month figures.
Ahead of UK data due out today, the pair has climbed from a low at 1.5193, logged during Asian trading, to 1.5238.
Markit Economics will publish the UK PMI – Construction Index at 11:30 BST.
Bank of England governor Paul Tucker is expected to comment around 12:00 BST on future BoE monetary actions, with a full statement to follow the BoE meeting later this week.

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