British pound reaches 10-month maximums as UK factory surge rebounds

British pound reaches 10-month maximums as UK factory surge rebounds

On Tuesday, the British pound ascended to 10-month peaks versus the broadly weaker American dollar after data unveiling that British factory surge rebounded in July on the back of a soar in fresh exports.

The currency pair GBP/USD reached 1.3239 - the most impressive reading since September 2016.

As financial data company Markit informed, its manufacturing purchasing managers' index inched up to 55.1 from June’s downwardly revised reading of 54.2, which outperformed experts’ forecasts for an outcome of 54.4.

The leap was powered by foreign demand for British goods that grew by the fastest rate since the all-time maximum in April 2010.

The rate of job creation happened to be among the best recorded for the last three years, as Markit stressed.

The greenback was wallowing close to 14-month lows versus a currency basket having declined for a fifth consecutive month in July, contributing to its longest losing marathon since 2011.

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