The Cable goes from strength to strength and today it found additional buoyancy from the manufacturing sector. While the UK’s manufacturing PMI for June was ahead of expectations at 57.5, in the US, the PMI came in at 55.3, which was lower than expected and below the May’s reading of 55.4. Several other US macro pointers also disappointed, including the latest figures on construction spending and the result of the IBD/TIPP Economic Optimism survey. As a result, the pound rallied while the US dollar remained under pressure, causing the GBP/USD pair to climb to fresh multi-year highs. The next couple of days could be ... (full story)