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Forex News: Pound Falls As U.K. Factory PMI Rises Less-than-expected

Pound Falls As U.K. Factory PMI Rises Less-than-expected

10/02/2017 - 06:26:00 (RTTNews)

(RTTNews) - The British pound weakened against other major currencies in the European session on Monday after data showed that the U.K. manufacturing sector continued to expand in September, albeit at a slower pace compared to August.

Data from the IHS Markit showed that the U.K. IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell more than expected to 55.9 in September from a 4-month high of 56.7 in August.

The expected score was 56.2.

In the Asian trading today, the pound held steady against its major rivals.

In the European trading, the pound fell to nearly a 3-week low of 1.3301 against the U.S. dollar, more than a 2-week low of 1.2918 against the Swiss franc and a 6-day low of 150.08 against the yen, from early highs of 1.3402, 1.2981 and 150.96, respectively. If the pound extends its downtrend, it is likely to find support around 1.30 against the greenback, 1.27 against the franc, and 146.00 against the yen.

Against the euro, the pound dropped to 0.8830 from an early high of 0.8801. The pound may test support near the 0.90 region.

Looking ahead, U.S. and Canada PMI for September and U.S. construction spending data for August are due to be released in the New York session.

At 2:00 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan is expected to speak at the El Paso branch of the Federal Reserve Bank of Dallas.

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