On Tuesday afternoon, the GBP/USD continues the correction after plummeting to its five weeks’ lows earlier.
The British Pound is rising against the USD on Tuesday. The current quote for the instrument is 1.3177.
There a lot of statistical reports from the United Kingdom today. In the early morning, they published the BRC Retail Sales Monitor, which increased up to 1.9% y/y in September after being 1.3% y/y the month before. This data has limited market influence, but the report itself is quite interesting as an alternative vision of the retail sales sector.
A bit later, they reported on the Industrial Production, which expanded by 0.2% m/m (the same as expected) in August after adding 0.3% m/m in the previous month. The components of the report show that the Manufacturing Production rose by 0.4% m/m, the same as in July. The construction sector rebounded after July’s decline and reported at +0.6% m/m.
Earlier, the Pound started recovering after plummeting last week to its five weeks’ bottom. The sales were caused by the Conservative Party negative attitude towards the Brexit procedure, including the negotiations and documents. In this light, the speech of Theresa May, the British Prime Minister and the key player in the exiting procedure, was very dull. All these things taken together made investors think about what might happen if May leaves her position. As we can judge by the market fluctuations, it seems that possible scenario didn’t make anybody happy.
RoboForex Analytical Department