Pound strengthens to around $1.368 on upbeat UK data
Mumbai, Oct. 15 -- The British pound witnessed a sharp upside following a pullback yesterday and as data from UK showed better-than-expected Gross domestic product (GDP) and industrial production figures. UK data revealed that the economy grew unexpectedly in August, with GDP showing 0.1% growth, against the 0.1% contraction but still well below the 0.4% expansion seen in the previous month. Industrial Production rose 0.8% in August following an upwardly revised 0.3% growth in July. Likewise, Manufacturing production increased 1.2%, with July's data revised up to 1% growth from the 0.9% previously estimated. Yesterday, the Pound had dropped to fresh year-to-date (YTD) lows after the Bank of England's (BoE) Chief Economist Huw Pill affirme...
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