Manufacturing sector boosts Pound
28 July, 2011
This morning’s manufacturing inflation data showed activity grew at its fastest pace since 1992 in January – and manufacturing employment also rose at its quickest pace since records began.
Higher manufacturing inflation will theoretically lead to consumer inflation increasing – and therefore increase pressure on the Bank of England to increase interest rates which would be likely to increase the value of sterling.
The Pound rose to its best level against the US Dollar for 11 weeks on the release of the news, and is also up against the Euro.
The moves come despite depressing mortgage approvals and house price data also announced today.
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