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Forex News: Pound Advances As U.K. Manufacturing Production Accelerates

Pound Advances As U.K. Manufacturing Production Accelerates

09/08/2017 - 09:20:00 (RTTNews)

(RTTNews) - The pound firmed against its major rivals in the European session on Friday, after impressive U.K. manufacturing and industrial production data for July.

Data from the Office for National Statistics showed that U.K. industrial production grew 0.2 percent month-on-month in July, in line with expectations. In June, the industrial output expanded 0.5 percent.

The expansion was largely driven by manufacturing output, which advanced 0.5 percent led by car production. Factory output expanded for the first time so far this year. Economists had forecast a moderate growth of 0.3 percent after stagnation in June.

Further underpinning the currency was the weakness in dollar, which was weighed by fading hopes for a December Fed hike, as Irma headed towards the Floridian coast.

Hurricane Irma makes its way towards Florida, after killing at least 14 people while hitting the Caribbean with devastating winds and torrential rain. The storm is forecast to make landfall as a Category 4 hurricane over the weekend.

In a separate communique, the ONS said the visible trade deficit widened in the three months to July, primarily due to an increase in the imports of finished manufactured goods.

The visible trade deficit increased by GBP 1.1 billion to GBP 34.4 billion in the three months ended July.

The currency weakened against its major rivals in the Asian session, with the exception of the greenback.

Extending early rally, the pound approached new 5-week high of 1.3224 versus the U.S. dollar. The pound is poised to target resistance around the 1.34 mark. The pair finished yesterday's trading at 1.3100.

The pound edged up to 1.2510 against the Swiss franc, from a 3-day low of 1.2387 hit at 1:15 am ET. The next possible resistance for the pound-franc pair is seen around the 1.26 mark.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate remained stable in August.

The jobless rate held steady at seasonally adjusted 3.2 percent in August, in line with expectations.

The pound advanced to 0.9115 against the euro, its strongest since September 21. On the upside, 0.90 is possibly seen as the next resistance for the pound.

Data from Destatis showed that German exports recovered in July but the pace of growth was weaker than forecast.

Exports grew 0.2 percent month-on-month in July, while imports advanced 2.2 percent.

Having fallen to a 3-day low of 141.34 against the yen at 3:00 am ET, the pound climbed to 142.33. Continuation of the pound's uptrend may see it challenging resistance around the 143.00 region.

Data from the Cabinet Office showed that Japan's gross domestic product was revised down to 0.6 percent on quarter in the second quarter of 2017.

That missed forecasts for 0.7 percent and was down from the August 13 preliminary reading that suggested a gain of 1.0 percent.

Looking ahead, U.S. wholesale trade sales data for July and U.S. Baker Hughes rig count data are slated for release shortly.

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