GBP gained solid ground on the back of reports showing Britain’s manufacturing activity expanding more than anticipated in July. After the release, the Pound appreciated against the US Dollar by 0.05% to hit the 1.3215 mark. According to Markit, the UK Manufacturing PMI rose to 55.1 points in the reported month, surpassing expectations for a 54.3 reading. Manufacturing expanded for the first time in three months, being mainly driven by strong gains in new orders that were encouraged by higher exports. Furthermore, the overall expansion in the industry resulted in the strongest increase in job creation within the manufacturing sector in recent years. However, the data is still not likely to have a big impact on the BoE’s policy decision due on Thursday.
