Forex - Pound touches highs day after UK data, earnings checked

Investing.com - The pound hit daily highs against the dollar on Wednesday after data showed industrial production UK rose at the fastest pace in almost four years in April.GBP / USD hit 1.4579 highs immediately after the release of the data, before easing to 1.4531.The Office for National Statistics said industrial production rose 2.0% in April, following a 0.3% increase in March, the biggest monthly increase since July 2012.Manufacturing output rose 2.3% after a 0.1% increase in March, which was also the fastest monthly increase since July 2012.Production in the pharmaceutical sector rose by 8.6% the ONS said, the biggest gain since February 2014 month.Pound gains were held amid uncertainty ongoing verification on whether Britain will remain in the European Union or in a referendum on 23 June.Sterling ended the previous session with gains of 0.7% against the dollar after opinion polls showing Stay campaign with a slight edge over the campaign Leave before the vote.The dollar was five weeks lows against a basket of major currencies on Wednesday as markets continued to adapt in the short term to lower expectations of a rate hike by the Federal Reserve.The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, was down 0.11% to 93.75, the lowest level since May 5.Markets have pushed back expectations on the timing of the next rate hike by the US central bank after the dismal labor report on Friday May, which showed the economy created only 38,000 jobs last month, the smallest increase since September 2010.A speech by Fed Chairman Janet Yellen said on Monday that interest rates will not rise until the uncertainty about the economic outlook is resolved.