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Sterling Rises Before Industrial Production Data Released

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  • Sterling Rises Before Industrial Production Data Released

    At today’s trading (07/12, 03.29 GMT) the Pound rises against US Dollar. The Pound opened at 1.6048 in early trading (00:00 GMT), and climbs + 4 pips or about + 0.02% at 1.6052.

    The favorable sentiment against Pound sterling is seems to be rising , before Office for National Statistics reports a latest data of the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities, in October.

    Industrial Production m/m might shows an increase to 0.9% from previous period of -1.7%. The market pushes the currency to move higher as an early response. Vibiz Consulting Analyst said normal range of GBP/USD is estimated to have the support level at 1.6009 and resistance level at 1.6106.

    Meanwhile, cabinet colleagues have warned Chancellor George Osborne not to try to protect Britain's AAA credit rating because its loss is now inevitable and voters should be told it is unlikely to lead to higher borrowing costs.

    The credit rating agency Fitch warned the UK was at greater risk oflosing its status. This was because of breaking its supplementary rule to ensure debt was falling as a proportion of GDP by the end of the parliament. Fitch put the UK on "negative outlook" in March 2012, but said on Wednesday: "Missing the target weakens the credibility of the UK's fiscal framework, which is one of the factors supporting the [AAA] rating."

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