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GBPUSD trading tough, supported by the strong data – BBH

FXStreet (Delhi) – Research Team at BBH, suggest that the Sterling has gained 0.5% today to $1.5310 to test the 20-day (and 200-day) moving average supported by the strong data sets.

Key Quotes

“There are two main forces lifting it. First, the bulls got excited by news that Anheuser-Busch was raising its bid for the UK's SAB Miller to GBP68 bln. We are typically skeptical of the direct investment boost as corporations can often borrow and need not buy the target currency. However, it seemed to have lifted sentiment before the other force was clear.”

“That other force was news that despite the softness in the manufacturing PMI, industrial output rose 1.0% in August. The consensus forecast was a for a 0.3% increase. The 0.4% slippage in July was pared to only 0.3%. Manufacturing itself was up 0.5%. The consensus was also for a 0.3% increase.”

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