GBP/USD hung up near 1.2540 after Thursday spike into 1.2575
The GBP/USD is trading tightly near 1.2540 after seeing a brief tip into a ten-week high on a surprise upside beat in UK Purchasing Managers' Index (PMI) figures early Thursday.
The pair spent the back half of the trading day trading into the middle with money markets seeing a severe decline in overall liquidity and volume with US market shuttered for the day for the US Thanksgiving holiday. Read more...
GBP/USD hits ten-week high due to positive UK PMIs
The Pound Sterling (GBP) gets some relief and advances against the US Dollar (USD) in thin trading due to US markets being closed during Thanksgiving. Nevertheless, the GBP/USD has risen to a ten-week high and trades above the 1.2500 figure for the fourth consecutive day.
GBP/USD’s advance is courtesy of positive economic data in the UK. Business activity in the UK recovered some ground, as S&P Global revealed that Services and the Composite PMIs expanded after staying at contractionary territory after three months of contraction. Although the Manufacturing PMI remained below the 50 thresholds of contraction/expansion, it grew from 44.8 to 46.7, exceeding forecasts of 45. Read more...
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