The Great Britain pound strengthened today after the manufacturing production expanded, while the concerns about the situation in the European Union increased demand for the currency as a safe haven.
Today Italian Prime Minister Silvio Berlusconi faces a parliamentary vote that will decide whether he’ll remain in his seat. The unpredictable outcome of the vote makes traders seek a refuge to safely wait and see how the situation will develop.
UK manufacturing advanced 0.2 percent in September from a year ago, following the 0.3 percent decline in the previous month, increasing appeal of the UK currency. The sterling may yet fall as other fundamental reports weren’t so good.
GBP/USD jumped from 1.6056 to 1.6098 today, but retreated and traded near its opening level as of 11:58 GMT. EUR/GBP was down from 0.8579 to 0.8568, while the intraday minimum was 0.8556.
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