GBP/USD (current price: 1.2529)
British Manufacturing Production slightly beat the consensus estimate of 0.5%, with a reading of 0.6% yesterday. British Industrial Production came in at -0.4%, below the expected gain of 0.1%. The currency turned lower after the mixed reports, as the Dollar advanced, despite the disappointing U.S. JOLTS Job Openings number. The Pound is also up significantly against the Dollar this morning, rising back to the crucial 1.25 level.
Our assessment: GBP/USD fell back to the 1.2350 level yesterday before today’s bounce. Cable might stay volatile, as the Brexit and the Trump presidency could mean higher risk to investors.
