GBP resilience persists

By FXstreet.com | July 02, 2014 AAA

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, remarks the ongoing GBP resilience.



Key Quotes



"UK June Manufacturing PMI data yesterday morning beat expectations coming in at an 8 month high of 57.5, showing yet again that the UK recovery continues to thunder on. GBPUSD predictably traded to new 2014 highs and after another lukewarm US data release, this time the US ISM manufacturing number coming in at consensus, GBPUSD managed to trade north of 1.7150."



"There has been plenty of opportunity for GBPUSD to retrace lower after it has hit new highs daily but it is not materialising. GBPUSD’s resilience may signify that investors have further appetite to chase the rate higher."



"This June PMI reading finishes Q2 data for manufacturing which showed a faster pace of manufacturing growth than Q1, providing positive signs for the official numbers when they are released and ultimately possibly stronger GDP growth and a greater chance of a late 2014 interest rate hike."



comments powered by Disqus
Related Forex Analysis
  1. EUR/USD sitting just above 1.2950 support
    Forex News

    EUR/USD sitting just above 1.2950 support

  2. Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data
    Forex News

    Yen Gains, Aussie Dollar Falls on Soft Chinese Economic Data

  3. USD/JPY drifting lower, but still well above 107.00
    Forex News

    USD/JPY drifting lower, but still well above 107.00

  4. Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping
    Forex News

    Crude Oil Prices Aiming to Extend Lower, SPX 500 May Be Topping

  5. USD/JPY Technical Analysis: Prices Set New Six-Year High
    Forex News

    USD/JPY Technical Analysis: Prices Set New Six-Year High

Trading Center