Ahead of today’s potentially volatile Bank of England rate decision and policy announcement the Pound extended gains against the US Dollar, hitting 1.5581.
The Pound Sterling Exchange Rate was in the region of 1.5578 against the US Dollar as of 10:15 am GMT
According to the Office of National Statistics, in March UK output increased by 0.7 per cent, defying economists’ predictions for an advance of 0.2 per cent. This follows February’s 0.9 per cent growth.
The increase was largely due to a surge in gas and electricity usage, partly inspired by a bout of unseasonably cold weather.
In the first quarter of 2013 production was shown to have gained by 0.2 per cent.
Manufacturing also rose by more-than-forecast in March, climbing 1.1 per cent despite eight out of the thirteen manufacturing categories posting a decline.
Through the first quarter of this year manufacturing dipped by 0.3 per cent.
This data indicates that the economic recovery seen in Q1 GDP figures may have continued into the second quarter.
Additional Pound movement is likely to occur in the hours ahead in response to the BoE policy meeting.
In the view of IHS Global Insight economist Howard Archer, ‘The odds favour the Bank of England continuing to hold off from more stimulus. While there are some grounds for hope for the manufacturing sector going forward in the latest surveys, domestic and international conditions clearly remain tough.’
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5578 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1834 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.5225 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.8417 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6430 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8454 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6580 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5423 >
(As of 10:15 am GMT)
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