Pound Sterling dropped versus the dollar after the Bank of England decided to leave the benchmark interest rates unchanged at record lows of 0.25 percent, following its monetary policy meeting on August 2nd 2017.
The US economy grew at the fastest pace in three quarters, registering a 2.6 percent growth in the second quarter of 2017, compared to the year earlier even as the Q1’17 figures were revised lower to 1.2 percent from 1.4 percent.
Manufacturing PMI in the US rose to more than 2 year highs in June on the back of rise in employment, new orders and production. The monthly data released by ISM came in at a better than expected 57.8 from 54.9 in May. However, the index measuring inventories slipped to a 3- month low.