GBP Gains on USD Retreat

The British Pound (GBP) achieved gains on Wednesday, as demand for the USD as a safe haven faded despite positive economic data in the United States.

GBP is up by 0.43% against the Euro, and by 0.60% against the USD.

Earlier, data showed that the UK manufacturing sector is showing strong signs of a recovery.

The IHS Markit Purchasing Managers Index (PMI) in the UK posted 50.1 in June, compared to 40.7 in May.

Meanwhile, data showed that unemployment claims in Germany recorded 627,000 in May, increasing by 48.5% on an annual basis.

In the United States, the manufacturing sector PMI increased to 52.6 in June, beating market expectations, according to the Institute for Supply Management (ISM).

Recent remarks by German Chancellor Angela Merkel indicated that the UK and the European Union have made very limited progress in negotiations for a BREXIT deal.