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GBPUSD: Daily Analysis & Forecast

Sterling on Thursday rose to its highest against the dollar since early September after data showed British companies returned to growth in November, fuelling hopes Britain will avoid a recession. A day after finance minister Jeremy Hunt delivered a budget update, the S&P Global/CIPS UK Composite Purchasing Managers’ Index (PMI) showed a preliminary reading above the 50 threshold for growth for the first time since July.

“November’s flash PMIs once again support our view that the UK economy is merely in a state of stagnation as opposed to outright contraction,” said Simon Harvey, Head of FX Analysis at Monex Europe. “In conjunction with structural supply issues which should keep short-term UK rates higher for longer relative to the euro zone, we expect the UK’s better relative growth prospects to support renewed upside in sterling-euro”.

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