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Forex News: Pound Advances As U.K. Services PMI Hits 6-month

Pound Advances As U.K. Services PMI Hits 6-month High

11/03/2017 - 06:02:00 (RTTNews)

(RTTNews) - The pound climbed against its major rivals in the European session on Friday, as a data showed that the UK service sector expanded at the strongest pace in six months in October.

Survey data from IHS Markit showed that the IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 55.6 in October from 53.6 in September. The reading was expected to drop to 53.3.

The expansion was supported by improved order books and resilient client demand in October.

Speaking to BBC radio, the Bank of England Deputy Governor Ben Broadbent said that the bank's forecast to raise rate twice for the three-year forecast period ending 2020 is not a promise.

"Given all the other things we assume in our forecasts, many of which will be misses..., we anticipate we will need maybe a couple more rate rises to get inflation back on track while at the same time supporting the economy," Broadbent told.

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

The pound edged up to 1.3065 against the franc, following a decline to 1.3033 at 4:15 am ET. If the pound rises further, 1.32 is likely seen as its next resistance level.

Data from the UBS investment bank showed that the Swiss real estate bubble index remained in the risk zone in the third quarter.

The UBS Swiss Real Estate Bubble Index fell to 1.38 in the third quarter from revised 1.41 in the previous quarter.

The pound bounced off to 1.3073 against the greenback, from a low of 1.3040 hit at 4:15 am ET. Continuation of the pound's uptrend may see it challenging resistance around the 1.32 area.

The pound rose to 149.18 against the yen, off its early low of 148.71. The next possible resistance for the pound-yen pair is seen around the 151.00 mark.

The pound reversed from its early low of 0.8935 against the euro, rising to 0.8906. The pound is seen finding resistance around the 0.88 level.

Looking ahead, U.S. jobs data and ISM non-manufacturing index for October and trade report and factory orders for September, as well as Canada jobs data for October and trade report for September are set for release in the New York session.

At 12:15 pm ET, Minneapolis Fed President Neel Kashkari speaks about monetary policy and the 2018 outlook at the Women in Housing and Finance luncheon, in Washington DC.

For comments and feedback: contact editorial@rttnews.com

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