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Forex News: Pound Mixed After U.K. GDP Data

Pound Mixed After U.K. GDP Data

05/10/2019 - 06:15:00 (RTTNews)

(RTTNews) - The pound showed mixed trading against its major counterparts in the early European session on Friday, after the release of a raft of strong data on U.K. first quarter GDP, industrial production and trade for March.

Data the Office For National Statistics showed U.K. economy expanded in line with forecasts in the first quarter.

Gross domestic product grew 0.5 percent quarter-on-quarter in the first quarter, after rising 0.2 percent in the previous quarter. The reading matched economists expectations.

GDP rose 1.8 percent year-on-year in the first quarter, following a 1.4 percent growth in the fourth quarter. The growth was in line with forecasts.

Industrial production rose 0.7 percent monthly in March, following a 0.6 percent rise. Economists were looking for growth to be stagnant.

Separately, the ONS reported that the visible trade deficit narrowed to GBP 13.65 billion from GBP 14.43 billion in February. Economists had forecast a GBP 13.75 billion deficit.

The total trade deficit narrowed to GBP 5.41 billion in March from GBP 6.22 billion in February. Economists had expected a deficit of GBP 4.60 billion.

European shares were higher as investors shrugged off the U.S. decision to increase tariffs on $200 billion worth of Chinese goods and remained hopeful of a breakthrough in trade talks.

Talks will continue for a second day and a trade deal is still possible as there is an unofficial window, potentially lasting a couple of weeks.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the greenback and the franc, it fell against the euro and the yen.

The pound held steady against the yen, after having retreated to 142.51 from a high of 143.24 hit at 9:45 pm ET. At yesterday's close, the pair was worth 142.73.

The U.K. currency depreciated to 1.2991 against the greenback, from a high of 1.3026 set at 3:00 am ET. The pound is likely to find support around the 1.27 region.

After rising to 1.3221 against the Swiss franc at 9:45 pm ET, the pound reversed direction with the pair trading at 1.3182. The next possible support for the pound is possibly seen around the 1.29 level.

Moving away from a high of 0.8615 touched at 5:00 pm ET, the pound slipped to 0.8640 against the euro. The pound is seen finding support around the 0.88 level.

Data from the Federal Statistical Office showed that Germany's exports rebounded at the fastest pace in three months in March, defying expectations for further decline.

Exports rose 1.5 percent month-on-month in March, after a revised 1.2 percent fall in February.

Looking ahead, Canada building permits for March and jobs data for April, as well as U.S. consumer price index and monthly budget statement for the same month are scheduled for release in the New York session.

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