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Forex News: Pound Higher As UK Manufacturing Growth Accelerates To

Pound Higher As UK Manufacturing Growth Accelerates To 13-month High

04/01/2019 - 06:13:00 (RTTNews)

(RTTNews) - The pound was higher against its major counterparts in the European session on Monday, after UK manufacturing sector grew at the fastest pace in over a year in March, as stockpiling by businesses hit a record as they braced for Brexit disruptions.

Survey data from IHS Markit showed that the CIPS purchasing managers' index, or PMI, for the manufacturing sector climbed to a 13-month high of 55.1 from 52.1 in February. Economists had forecast a score of 51.2.

The February reading was revised from the original 52. A reading above 50 suggests growth in the sector.

On the Brexit front, U.K. lawmakers will vote on a series of 'indicative' votes on Brexit later today.

MPs have selected eight options, which include a second referendum or a no-deal Brexit as alternatives to Theresa May's Brexit deal.

Speaker John Bercow will select which options MPs will vote on later today.

Investors cheered signs of progress in high-level trade talks between the world's two largest economies and positive manufacturing data from China.

Beijing announced that it would continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1 as a gesture after Washington delayed tariff hikes on Chinese imports.

A delegation led by Vice Premier Liu He will be in Washington this week for another round of talks.

The currency has been trading higher against its major counterparts in the Asian session, excepting the euro.

The pound rose to 1.3097 against the greenback, from a low of 1.3009 seen at 8:30 pm ET. If the pound rises further, 1.32 is likely seen as its next resistance level.

The U.K. currency was trading higher at 1.3017 against the franc, up from a low of 1.2952 touched at 6:30 pm ET. Next key resistance for the pound is likely seen around the 1.33 region.

The pound spiked up to 145.44 against the yen, after falling to 144.39 at 7:30 pm ET. The pound is seen finding resistance around the 148.00 level.

Having dropped to 0.8627 against the euro at 8:45 pm ET, the pound reversed direction with the pair trading at 0.8580. Should the pound rises further, 0.84 is possibly seen as its next resistance level.

Preliminary data from the statistical office Eurostat showed that Eurozone inflation slowed in March, defying expectations for stability, while the unemployment rate remained unchanged in February.

Headline inflation slowed to 1.4 percent from 1.5 percent in February. Economists had expected the inflation rate to remain unchanged.

Looking ahead, U.S. retail sales for February, ISM manufacturing index for March, construction spending for February and business inventories for January are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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