FOREX TradingCharts.com

Forex News: Pound Advances As UK GDP Expands More Than

Pound Advances As UK GDP Expands More Than Estimate

06/29/2018 - 06:07:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Friday, as the UK economy expanded more than the previous estimate in the first quarter.

Data from the Office for National Statistics showed that gross domestic product grew 0.2 percent sequentially in the first quarter, which was revised upward by 0.1 percentage points, reflecting improvement in construction output.

Nonetheless, the pace of growth was weaker than the 0.4 percent seen in the fourth quarter of 2017.

Sentiment improved after China eased restrictions on foreign investment in several sectors and European Union leaders reached a compromise deal on migration, helping avert a political crisis in Germany.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the franc and the euro, it rose against the yen and the greenback.

Having fallen to a 3-1/2-month low of 0.8891 against the euro at 11:00 pm ET, the pound reversed direction and bounced off to 0.8836. The next likely resistance for the pound is seen around the 0.87 level.

Flash data from Eurostat showed that Eurozone inflation increased in June on food and energy prices.

Inflation rose to 2 percent in June, in line with forecast, from 1.9 percent in May. The European Central Bank's targets 'below, but close to 2 percent'.

The pound strengthened to a 2-day high of 1.3183 against the greenback, from a low of 1.3067 seen at 5:15 pm ET. Next key resistance is possibly seen at 1.33 for the pound.

The U.K. currency climbed to a 4-day high of 145.93 against the yen, after falling to 144.35 at 8:45 pm ET. The pound is seen finding resistance around the 147.00 region.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts grew unexpectedly in May.

Housing starts advanced 1.3 percent annually, faster than the 0.3 percent increase seen in April. Housing starts were forecast to drop 5.7 percent in May.

The pound firmed to a 2-day high of 1.3105 against the franc, reversing from near a 4-month low of 1.3023 hit at 11:00 pm ET. The pound is poised to test resistance around the 1.33 level.

Survey results from the KOF Swiss Economic Institute showed that a measure signaling future turning points in the Swiss economy improved unexpectedly in June.

The KOF leading indicator rose to 101.7 in June from 100.0 in May. Meanwhile, economists had expected the index to fall to 99.7.

Looking ahead, Canada GDP data for April and industrial product price index for May, U.S. personal income and spending data for May and final consumer sentiment index for June are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Falling On Trump And Bullard Comments (24 min(s), 25 sec(s) ago)
(RTTNews) - The dollar is losing ground against its major rivals Friday afternoon. On a quiet day ...Full Story»

U.S. Dollar Extends Decline After Fed Bullard Suggests To Put Off Hikes (06 min(s), 25 sec(s) ago)
(RTTNews) - The U.S. dollar extended its early slide against its major counterparts in the New Yor ...Full Story»

Canadian Dollar Climbs After Strong Inflation, Retail Sales Data (54 min(s), 25 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in early New York deal ...Full Story»

Loonie Advances After Canada Retail Sales, Consumer Inflation (36 min(s), 25 sec(s) ago)
(RTTNews) - Canada retail sales for May and consumer inflation for June have been released from St ...Full Story»

Loonie Mixed Ahead Of Canada Retail Sales, Consumer Inflation (33 min(s), 25 sec(s) ago)
(RTTNews) - Canada retail sales for May and consumer inflation for June are due from Statistics Ca ...Full Story»

Canadian Dollar Advances Against Most Majors (21 min(s), 25 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European sessio ...Full Story»

Pound Little Changed After U.K. Public Sector Finance Data (42 min(s), 25 sec(s) ago)
(RTTNews) - Following the release of U.K. public sector finance data for June at 4:30 am ET Friday ...Full Story»

U.S. Dollar Falls On Trump's Comments (06 min(s), 25 sec(s) ago)
(RTTNews) - The U.S. dollar slipped against its major counterparts in the Asian session on Friday, ...Full Story»

Search

FOREX NEWS

Dollar Falling On Trump And Bullard Comments

07/20/2018 - 14:18 PM (RTTNews)
(RTTNews) - The dollar is losing ground against its major rivals Friday afternoon. On a quiet day ...Full Story>>

U.S. Dollar Extends Decline After Fed Bullard Suggests To Put Off Hikes

07/20/2018 - 11:00 AM (RTTNews)
(RTTNews) - The U.S. dollar extended its early slide against its major counterparts in the New Yor ...Full Story>>

Canadian Dollar Climbs After Strong Inflation, Retail Sales Data

07/20/2018 - 09:50 AM (RTTNews)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in early New York deal ...Full Story>>

Loonie Advances After Canada Retail Sales, Consumer Inflation

07/20/2018 - 08:32 AM (RTTNews)
(RTTNews) - Canada retail sales for May and consumer inflation for June have been released from St ...Full Story>>

Loonie Mixed Ahead Of Canada Retail Sales, Consumer Inflation

07/20/2018 - 08:27 AM (RTTNews)
(RTTNews) - Canada retail sales for May and consumer inflation for June are due from Statistics Ca ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.