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The release of today’s inflation-adjusted manufacturing and industrial production figures – both considerably better than forecast – triggered a 50-point jump in GBP/USD. Anticipation over the morning’s trading session had hinted towards expectation-beating results, as 40 points had already been gained over the previous two hours of trading.
Last Friday’s non-farm payrolls figures came in a whisker below expectation and arguably left investor sentiment unchanged. This was not the case with the revision to the previous month’s data, as it jumped from the 175,000 level up to 197,000, strongly hinting that any weakness previously inflicted on the job markets by the weather was now fully behind them. Tonight we will hear from both Narayana Kocherlakota and Charles Plosser, as both are speaking at separate functions, and they may give us a sense of what to expect from the official minutes of the last FOMC meeting due out tomorrow.
Today’s price action has seen GBP/USD hit a new three-week high, and has put a fresh effort to tackle the $1.38 level on the agenda. Although it is at the top end of the RSI range, GBP/USD has not quite moved into overbought territory, but is this looks imminent.