The Pound improved significantly. Overview for 01.12.2016
01.12.2016
The GBP/USD pair continue growing on Thursday afternoon in connection with upsurge in interest in risks on the market.
On Thursday afternoon, the British Pound is paying no attention to the weak statistics and getting more expensive against the USD. The current quote for the instrument is 1.2630; the daily growth is 1%.
The statistics showed that the British Manufacturing PMI slowed down in November and decreased up to 53.4 points after being 54.2 points in October. The market expected the indicator to increase a bit, up to 54.5 points. Judging by the components of the report, manufacturers faced lower numbers of orders, which influenced the final reading. But the weak British Pound couldn’t fully compensate decrease in export orders.
Nevertheless, the British manufacturing sector is still looking good, much better than everyone expected this summer, when the entire world witnessed the Brexit and its potential risks. It’s quite clear that the country will experience a lot of negative things in macro statistics while exiting the European Union, but no one is going to phase down production and weaken the market in advance.
There was a quick response to this weak statistics: the market’s interest in risks is very high today, thus allowing the Pound to stay at the highs of the last three weeks.
RoboForex Analytical Department
On Thursday afternoon, the British Pound is paying no attention to the weak statistics and getting more expensive against the USD. The current quote for the instrument is 1.2630; the daily growth is 1%.
The statistics showed that the British Manufacturing PMI slowed down in November and decreased up to 53.4 points after being 54.2 points in October. The market expected the indicator to increase a bit, up to 54.5 points. Judging by the components of the report, manufacturers faced lower numbers of orders, which influenced the final reading. But the weak British Pound couldn’t fully compensate decrease in export orders.
Nevertheless, the British manufacturing sector is still looking good, much better than everyone expected this summer, when the entire world witnessed the Brexit and its potential risks. It’s quite clear that the country will experience a lot of negative things in macro statistics while exiting the European Union, but no one is going to phase down production and weaken the market in advance.
There was a quick response to this weak statistics: the market’s interest in risks is very high today, thus allowing the Pound to stay at the highs of the last three weeks.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.