GBP has found support. Overview for 03.04.2024

The UK pound sterling, paired with the US dollar, has entered positive territory. The current GBPUSD exchange rate stands at 1.2579.

Fresh statistics indicate that sentiment within the UK business sector is notably optimistic. The Manufacturing PMI for March rose to 50.3 points from the previous 47.5 points. The fact that the indicator has crossed the psychologically significant threshold of 50 points is undeniably positive.

Mortgage lending volume in February saw an increase to 1.51 million, up from 1.07 million the previous month. Net lending to individuals also expanded noticeably to 2.80 million from 0.69 million earlier.

The primary catalyst lies in the recovery of domestic demand.

British authorities expect that households will be inclined to increase spending this year.