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Forex News: Pound Retreats As U.K. Industrial Output Growth Slows

Pound Retreats As U.K. Industrial Output Growth Slows

04/11/2018 - 08:01:00 (RTTNews)

(RTTNews) - The pound dropped against its major counterparts in the European session on Wednesday, after a data showed that the UK industrial production grew at a slower pace on weak mining and manufacturing output in February.

Data from the Office for National Statistics showed that industrial output edged up 0.1 percent month-on-month in February, compared to January's 1.3 percent increase. Production was expected to climb 0.4 percent.

Manufacturing output dropped 0.2 percent confounding expectations for a growth of 0.2 percent. This was the first decrease since March 2017. Output had remained flat in January.

Meanwhile, separate data showed that the UK visible trade deficit narrowed to a 5-month low in February.

The trade in goods showed a shortfall of GBP 10.2 billion in February versus a GBP 12.2 billion deficit posted in January. This was the lowest shortfall since last September.

Caution prevailed following reports that U.S. President Donald Trump is considering more aggressive strike in Syria within the next 48 hours.

Russia has threatened to shoot down any U.S. missiles fired at neighboring Syria if the U.S. decides to strike Syrian bases in response to a chemical attack.

The currency showed mixed trading against its major rivals in the Asian session. While it held steady against the euro and the franc, it rose against the greenback. Against the yen, it dropped.

The pound retreated to 1.4181 against the greenback, from a new 2-week high of 1.4223 hit at 3:30 am ET. The pound is likely to find support around the 1.38 region.

Having advanced to near a 2-year high of 1.3641 against the Swiss franc at 3:45 am ET, the pound reversed direction and was trading at 1.3575. The next possible support for the pound is seen around the 1.33 level.

The pound dropped to 151.35 against the yen, off its early 2-month high of 152.25. The pound is seen finding support around the 150.00 region.

Data from the Bank of Japan showed that Japan's producer prices fell 0.1 percent on month in March.

That was in line with expectations following the upwardly revised 0.1 percent increase in February.

The pound slid to a 5-day low of 0.8737 against the euro, after advancing to 0.8700 at 4:15 am ET. On the downside, 0.89 is seen as the next support level for the pound.

Looking ahead, U.S. CPI for March, FOMC minutes from March 20-21 meeting and monthly budget statement are scheduled for release in the New York session.

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