GBP/USD hits two-week high, Minouche Shafik appointed as chief economic adviser

British Pound stayed supported as a break above 1.3500 mark extended for GBP/USD. British Prime Minister Keir Starmer on Monday appointed economist and former Columbia University president Minouche Shafik as his chief economic adviser as part of a staff shakeup aimed at strengthening the governments response to a sluggish economy. GBP/USD pair moved up after a recent choppy trend and hit two-week high of 1.3553. It currently quotes at 1.3528, up 0.11% on the day. Major gains are unlikely for the Pound amid tepid economic cues. UK manufacturing sector continued to shrink in August, survey results from S&P Global showed on Monday. The factory Purchasing Managers' Index fell to 47.0 in August from a six-month high of 48.0 in July. On the NSE, GBP/INR futures are quoting at 119.32, down 0.15% on the day after falling near 119.10 mark earlier in the session.

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