The pound has hit its highest level against the US dollar for nearly six years after a survey suggested the UK’s manufacturing sector grew at its fastest pace for seven months in June.
The latest Markit/CIPS purchasing managers’ index (PMI) for the sector was 57.5, up from 57.0 in May. A reading above 50 indicates expansion.
Survey compiler Markit said the sector continued to “flourish”.
The pound rose to $1.7145 on growing expectations of a rate rise this year.
The survey results add to signs that the UK’s economic recovery is becoming more balanced.
via BBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.