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GBP/EUR at 3 month high

Sterling hit a 3-1/2-month high against the euro on today as investors focused on a Nov. 2 Bank of England policy decision they expect will produce the first interest rate hike in over a decade.

Manufacturing purchasing managers survey (PMI) was released at 0930 GMT which came in at 56.3
beating expectations of 55.8

Figures from mortgage lender Nationwide on Wednesday showed British annual house price growth edge up to a three-month high in October, although the outlook for the housing market remained subdued.

Sterling topped $1.33 for the first time since Oct. 16 on Wednesday, trading 0.2 percent up on the day.

Against the euro it was up a quarter of a percent on the day at 87.46 pence, the highest level for sterling since July 17.

Signs of progress in Brexit talks have given a boost to sterling this week, including comments by the European Union’s chief Brexit negotiator Michel Barnier, who said on Tuesday he was ready to move onto the next stage of talks.

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