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Forex News: Pound Climbs As U.K. Service Sector Rebounds

Pound Climbs As U.K. Service Sector Rebounds

05/03/2018 - 05:43:00 (RTTNews)

(RTTNews) - The pound climbed against its major opponents in early European deals on Thursday, after a data showed that U.K. service sector rebounded in April following the snow disruptions seen in March.

Survey data from IHS Markit showed that the services PMI rose to 52.8 in April from 51.7 in March. Nonetheless, the reading was below the forecast of 53.5.

The latest reading only signaled a moderate increase in service sector activity, with the rate of growth the second-weakest since September 2016.

Meanwhile, underlying sentiment remained cautious, as investors awaited the outcome of Sino-U.S. trade talks and digested new earnings reports.

The currency showed mixed trading against its major counterparts in the Asian session. While it held steady against the yen and the franc, it rose against the greenback. Against the euro, it dropped.

The pound retreated to 149.02 against the yen, from a high of 149.47 hit at 4:15 am ET. Next key support for the pound is likely seen around the 147.00 level.

After rising to 1.3579 against the Swiss franc at 4:15 am ET, the pound reversed direction and fell to 1.3539. The pound is likely to find support around the 1.34 area.

The pound pared gains to 1.3590 against the dollar, from a high of 1.3630 seen at 4:15 am ET. The next possible support for the pound is seen around the 1.34 area.

The pound came off from an early high of 0.8799 against the euro, falling to a session's low of 0.8831. The pound is poised to challenge support around the 0.90 mark.

Looking ahead, U.S. and Canadian trade data for March, U.S. weekly jobless claims for the week ended April 28, factory orders for March and ISM non-manufacturing composite index for April are scheduled for release in the New York session.

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