Since my last post GBP/USD has risen over 1% and is now within touching distance of the highest levels seen since October 2008. The currency pair has climbed over half a cent during trading today rising from $1.7095 to $1.7155 as the UK posted better than forecast manufacturing numbers.
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The pound has been benefitting from strong economic data releases over the past few months and today was no different as the UK manufacturing PMI figures showed the sector had grown at its fasted pace for seven months in June.
The figures also support claims the UK recovery is becoming more balanced and will again raise the question 'when will the Bank of England raise interest rates?' We may get further clues when the central bank hold their monthly meeting next week so we could be set for some volatility in the build up to the meeting.
As I have said before it is more than likely we see the BoE act before the Federal Reserve and if that happens you would imagine Sterling will strengthen against the dollar. If the UK economy continues to perform well and the U.S continue to stumble there is every chance we could see GBP/USD push towards $1.75 over the coming months.
This is not great news for anyone looking to sell dollars, in the past 12 months GBP/USD exchange rates have risen over 13% against you and it is difficult to see how the dollar is going to make any significant gains against the pound.
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