Sterling rose 0.26% against the US Dollar on Monday, pushing GBP/USD above 1.3400 at the start of the eleventh month of the year. The move came even as the US economy was described as remaining strong after the release of the ISM Manufacturing PMI for October, with currency markets weighing the data against broader drivers such as the oil rout.
GBP/USD Performance and Market Drivers
GBP/USD traded at 1.3423 at the time of writing, having earlier reached a six-week high of 1.3448. The pair’s advance left the pound on firmer footing while the dollar’s response to the US PMI release was contained in late-session price action.