FOREX TradingCharts.com

Forex News: Pound Recovers As UK Factory Activity Growth Accelerates

Pound Recovers As UK Factory Activity Growth Accelerates

09/01/2017 - 06:39:00 (RTTNews)

(RTTNews) - The pound trimmed its early losses against its major rivals in the European session on Friday, as the UK manufacturing sector expanded strongly in August driven by widespread growth across sectors.

Survey data from IHS Markit showed that the Purchasing Managers' Index rose unexpectedly to 56.9 in August from 55.3 in July.

This was the second-highest level in over three years. The expected level was 55.0.

Sentiment was upbeat as strong Eurozone manufacturing data spurred optimism about the economic recovery and an influential policymaker said he sees little room for an early interest rate hike by the European Central Bank as long as inflation remains low.

The focus remained on the all-important U.S. jobs report due tonight, with economists expecting the report to show an increase of about 180,000 jobs in August.

The currency was higher in the Asian session amid risk appetite, as Asian markets rose following positive cues overnight from Wall Street and data showed that China's manufacturing sector continued to expand in August.

The pound edged up to 1.2426 against the Swiss franc, from a low of 1.2376 hit at 5:00 pm ET. If the pound-franc pair extends rise, 1.27 is possibly seen as its next resistance level.

The pound rose back to 1.2936 against the greenback, heading to pierce its early 3-day high of 1.2947. The pound is poised to target resistance around the 1.30 mark.

The pound bounced off to 142.38 against the yen, from a low of 142.01 hit at 5:00 pm ET. Continuation of the pound's uptrend may see it challenging resistance around the 144.00 area.

Survey data from the Cabinet Office showed that Japan's consumer sentiment weakened more-than-expected in August.

The consumer confidence index fell to 43.3 in August from 43.8 in July. The expected reading was 43.5.

On the flip side, the pound dropped to 0.9222 against the euro, after having advanced to 0.9196 at 11:30 pm ET. The next possible support for the pound may be seen around the 0.94 region.

Final survey data from IHS Markit showed that the euro area manufacturing activity expanded at the fastest pace since 2011, as initially estimated.

The manufacturing Purchasing Managers' Index rose to 57.4 in August, in line with flash estimate, from 56.6 in July and equaling June's 74-month high.

Looking ahead, Canada and U.S. manufacturing PMI data for August, U.S. jobs data for August, construction spending data for July, U.S. University of Michigan's final consumer sentiment index for August and U.S. Baker Hughes rig count data are slated for release in the New York session.

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


Dollar Weakening As Investors Await Fed Announcement (05 hr(s), 03 min(s), 56 sec(s) ago)
(RTTNews) - The dollar is losing ground against all of its major rivals Tuesday afternoon. The Fed ...Full Story»

Dollar Lower After U.S. Economic Data; Fed Decision Awaited (10 hr(s), 15 min(s), 56 sec(s) ago)
(RTTNews) - The U.S. dollar was lower against its most major opponents in the European session on ...Full Story»

Dollar Little Changed After U.S. Economic Data (11 hr(s), 24 min(s), 55 sec(s) ago)
(RTTNews) - Following the release of the U.S. housing starts, building permits and export and impo ...Full Story»

Dollar Mixed Ahead Of U.S. Economic Data (11 hr(s), 30 min(s), 56 sec(s) ago)
(RTTNews) - The U.S. housing starts, building permits and export and import prices for August are ...Full Story»

U.S. Dollar Strengthens Against Euro, Franc (11 hr(s), 51 min(s), 56 sec(s) ago)
(RTTNews) - Reversing direction, the U.S. dollar advanced against the euro and the Swiss franc in ...Full Story»

Euro Little Changed After German ZEW Economic Confidence Index (14 hr(s), 54 min(s), 56 sec(s) ago)
(RTTNews) - At 5:00 am ET Tuesday, Germany's ZEW economic confidence survey data for September ...Full Story»

Euro Mixed Ahead Of German ZEW Economic Confidence Index (15 hr(s), 03 min(s), 56 sec(s) ago)
(RTTNews) - At 5:00 am ET Tuesday, Germany's ZEW economic confidence survey data for September ...Full Story»

Canadian Dollar Falls Following BOC Deputy Governor Lane's Remarks (16 hr(s), 48 min(s), 55 sec(s) ago)
(RTTNews) - The Canadian dollar weakened against other major currencies in the Asian session on Tu ...Full Story»

Search

FOREX NEWS

Dollar Weakening As Investors Await Fed Announcement

09/19/2017 - 14:56 PM (RTTNews)
(RTTNews) - The dollar is losing ground against all of its major rivals Tuesday afternoon. The Fed ...Full Story>>

Dollar Lower After U.S. Economic Data; Fed Decision Awaited

09/19/2017 - 09:42 AM (RTTNews)
(RTTNews) - The U.S. dollar was lower against its most major opponents in the European session on ...Full Story>>

Dollar Little Changed After U.S. Economic Data

09/19/2017 - 08:33 AM (RTTNews)
(RTTNews) - Following the release of the U.S. housing starts, building permits and export and impo ...Full Story>>

Dollar Mixed Ahead Of U.S. Economic Data

09/19/2017 - 08:27 AM (RTTNews)
(RTTNews) - The U.S. housing starts, building permits and export and import prices for August are ...Full Story>>

U.S. Dollar Strengthens Against Euro, Franc

09/19/2017 - 08:08 AM (RTTNews)
(RTTNews) - Reversing direction, the U.S. dollar advanced against the euro and the Swiss franc in ...Full Story>>

Binary Options Articles Courtesy of NADEX

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.