Updated at 1:20 pm, 9/8/17
The British Pound rose to a five-week high against the dollar as Brexit inspired short positions were closed on better than expected U. K. factory data and the impact of Hurricane Irma and tensions on the Korean peninsula undermined the greenback.
Sterling crossed 1.3200 and reached 1.3226, its best level since August 3rd. It was the currency's third straight weekly gain versus the dollar and it comes against a background of general weakeness for the U.S. currency .
U.K. manufacturing output increased 0.5 percent in July--the first gain this year--and 1.9 percent annually, both better than expectations. Overall industrial production rose 0.2 percent, down from 0.5 percent in June but matching the median estimates. Output over the past twelve months increased 0.4 percent as predicted, up from 0.3 percent in June. The construction sector shrank 0.9 percent following a 0.1 percent decline in June, for the fourth consecutive negative month.