Sterling rises as dollar continues to weaken

Economies.com
2020-12-01 20:44PM UTC

The British pound rose on Tuesday against a weaker US dollar, and the release of strong data.

 

Markets are awaiting the outcome of the resumption of the Brexit talks between the European Union and the United Kingdom, in attempts to resolve the remaining differences between the two sides to reach flexible trade and customs agreements.

 

Data showed today that the UK's manufacturing PMI rose to 55.6 points in November, beating analysts' forecasts of 55.2 points.

 

While AstraZeneca is facing some issues regarding the vaccine it is developing in cooperation with the University of Oxford, due to some testing errors, in addition to doubts about its effectiveness and safety.

 

As of 20:42 GMT, GBP/USD rose 0.7% to 1.342, after hitting a high of 1.3441, and a low of 1.3317.

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