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Forex News: Pound Climbs As U.K. Q3 GDP Growth Confirmed

Pound Climbs As U.K. Q3 GDP Growth Confirmed

12/22/2017 - 05:44:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the early European session on Friday, as a data showed that U.K. economy grew as initially estimated in the third quarter.

Data from the Office for National Statistics showed that gross domestic product expanded 0.4 percent sequentially in the third quarter, faster than the 0.3 percent growth seen in the first two quarters of 2017.

The statistical office confirmed the second estimate published on November 23.

On a yearly basis, GDP advanced 1.7 percent in the third quarter, up from the previous estimate of 1.5 percent.

Another report from ONS revealed that services output rose 0.3 percent in three months to October from three months ending July. The index of services gained 0.2 percent in October from September.

In a separate communique, the ONS said the current account deficit narrowed to GBP 22.8 billion from GBP 25.8 billion in the second quarter. The decline was driven by the decrease in deficits on primary and secondary income and total trade.

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

The pound advanced to a 2-day high of 1.3397 against the dollar, after having dropped to 1.3358 soon after the release of the data. The pound is likely to find resistance around the 1.35 region.

The pound edged up to 151.86 against the Japanese yen, following a decline to 151.40 at 4:30 am ET. Continuation of the pound's uptrend may see it challenging resistance around the 154.00 mark.

The pound that closed Thursday's trading at 1.3229 against the Swiss franc rose to a 2-day high of 1.3256. If the pound rises further, 1.34 is possibly seen as its next resistance level.

The pound rose back to 0.8842 against the euro, heading to pierce its early Asian session's 2-day high of 0.8836. The pound is seen finding resistance around the 0.87 area.

Survey data from the market-research group GfK showed that German consumer confidence is set to improve slightly in January.

The forward-looking consumer sentiment index rose to 10.8 for January from 10.7 in December. The score was forecast to remain unchanged at 10.7.

Looking ahead, Canada GDP data for October, U.S. durable goods orders and personal income and spending data for November as well as University of Michigan's final consumer sentiment index for December are set for release in the New York session.

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