FOREX TradingCharts.com

Forex News: Pound Declines Despite Strong GDP Data

Pound Declines Despite Strong GDP Data

01/26/2017 - 05:44:00 (RTTNews)

(RTTNews) - The pound fell against its most major counterparts in the early European session on Thursday, despite the release of better-than-expected domestic GDP data for the fourth quarter.

Preliminary estimate from the Office for National Statistics showed that the U.K. economy expanded more than expected in the fourth quarter.

Gross domestic product grew 0.6 percent sequentially in the fourth quarter, the same pace of growth as seen in the previous two quarters. Economists had forecast a 0.5 percent expansion.

In other economic news, figures from the British Bankers' Association showed that loan approvals for house purchase increased to the highest in nine months in December, exceeding economists' expectations.

Mortgage approvals for house purchase rose to 43,228 from 41,003 in November. A year ago, the figure was 43,104. Economists had forecast 41,000 approvals for December. The U.K. Prime Minister Theresa May will present the Brexit bill before the Parliament today, with a debate in the House of Commons expected next week.

The bill has to be passed in both Houses of Parliament within weeks so as to meet the PM's deadline for invoking Article 50 by the end of March.

Meanwhile, European shares are trading higher, with sentiment underpinned by encouraging German consumer sentiment data and optimism over Donald Trump's economic growth policies.

The currency was trading in a positive territory in the Asian session.

The pound, having advanced to a new 6-week high of 1.2673 against the greenback at 4:15 am ET, reversed direction and was trading lower at 1.2614. The next possible support for the pound is seen around the 1.22 mark.

The pound dropped to 1.2593 against the Swiss franc, following an advance to more than a 3-week high of 1.2651 at 1:45 am ET. The pound is seen finding support around the 1.23 region.

Data from the State Secretariat for Economic Affairs showed that Switzerland's foreign trade surplus decreased at the end of the year.

The trade surplus fell to CHF 2.7 billion in December from CHF 3.5 billion in the previous month.

The pound eased back to 0.8502 against the euro, off its early more than 3-week high of 0.8471. Continuation of the pound's downtrend may see it finding support around the 0.88 level.

Survey results from the market research group GfK showed that German consumer confidence is set to strengthen in February.

The forward-looking consumer sentiment rose more-than-expected to 10.2 in February from 9.9 in January. The score was forecast to rise to 10.0.

On the flip side, the pound was firmer against the Japanese yen, touching a 3-week high of 144.36. On the upside, the pound may locate resistance near the 148.5 mark.

Data from the Bank of Japan showed that Japan's producer prices rose 0.4 percent on month in December.

This topped forecasts for 0.3 percent, which would have been unchanged from the November reading.

Looking ahead, Markit's U.S. flash PMI data for January, U.S. leading indicator, goods trade balance and new home sales data- all for December and U.S. weekly jobless claims for the week ended January 21, are set to be published in the New York session.

At 9:00 am ET, Eurozone finance ministers meeting is due to be held in Brussels.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Yen Rises As Japan Retail Sales Gain (31 min(s), 48 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on T ...Full Story»

Swiss Franc Rises Against Majors (01 hr(s), 19 min(s), 47 sec(s) ago)
(RTTNews) - The Swiss franc strengthened against the other major currencies in the Asian session o ...Full Story»

Yen Rises Against Majors (01 hr(s), 43 min(s), 48 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against the other major currencies in the Asian session ...Full Story»

Australian Dollar Rises Against Majors (02 hr(s), 10 min(s), 48 sec(s) ago)
(RTTNews) - The Australian dollar strengthened against the other major currencies in the Asian ses ...Full Story»

Dollar Trading Mixed After Paring Losses (43 min(s), 13 sec(s) ago)
(RTTNews) - The dollar is currently turning in a mixed performance against its major rivals Monday ...Full Story»

U.S. Dollar Little Changed After U.S. Durable Goods Orders (55 min(s), 13 sec(s) ago)
(RTTNews) - The Commerce Department has released the durable goods orders report for January at 8: ...Full Story»

U.S. Dollar Mixed Ahead Of U.S. Durable Goods Orders (49 min(s), 12 sec(s) ago)
(RTTNews) - The Commerce Department is scheduled to release its durable goods orders report for Ja ...Full Story»

Pound Extends Slide Amid Scottish Referendum Jittery (43 min(s), 12 sec(s) ago)
(RTTNews) - The British pound continued to be weak against the other major currencies in the Europ ...Full Story»

Search

FOREX NEWS

Yen Rises As Japan Retail Sales Gain

02/28/2017 - 02:03 AM (RTTNews)
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on T ...Full Story>>

Swiss Franc Rises Against Majors

02/28/2017 - 01:16 AM (RTTNews)
(RTTNews) - The Swiss franc strengthened against the other major currencies in the Asian session o ...Full Story>>

Yen Rises Against Majors

02/28/2017 - 00:52 AM (RTTNews)
(RTTNews) - The Japanese yen strengthened against the other major currencies in the Asian session ...Full Story>>

Australian Dollar Rises Against Majors

02/28/2017 - 00:26 AM (RTTNews)
(RTTNews) - The Australian dollar strengthened against the other major currencies in the Asian ses ...Full Story>>

Dollar Trading Mixed After Paring Losses

02/27/2017 - 14:18 PM (RTTNews)
(RTTNews) - The dollar is currently turning in a mixed performance against its major rivals Monday ...Full Story>>
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.