By | January 05 2010 3:17 AM

The Pound was trading higher yesterday after the release of positive manufacturing data from Britain. The Manufacturing PMI which was released at 54.1 after market economists forecasted a release of 52.1 helped boost the currency against the dollar. This release could be very significant. It is the first major data pointing at an improving British economy. The data may very well give traders a new reason to go long on the cable after traders have shunned the pound as of recent.