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02/08/2017 06:01 AST
Britain’s pound climbed to its highest levels against the dollar since mid-September yesterday, as data showing UK factory activity growth recovered from a seven-month low in July eased concerns about an economic slowdown.
The Purchasing Managers’ Index (PMI) survey for Britain’s manufacturing sector climbed to 55.1, exceeding the 54.4 consensus in a Reuters poll of economists, helped by the biggest influx of new export orders since 2010.
The numbers should hearten policymakers at the Bank of England, which will make a policy decision and release its latest quarterly Inflation Report on Thursday, and should soothe investors’ fears that economic growth is deteriorating rapidly after a sluggish start to the year.
A run of weak data has - along with deep uncertainty about the impact of Brexit on the economy - cooled speculation that the BoE is poised to start removing its crisis-level stimulus, which followed a series of hawkish remarks by policymakers at the banks in recent months.
The Peninsula
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
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