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Forex News: Pound Rises On Strong U.K. Economic Data

Pound Rises On Strong U.K. Economic Data

02/10/2017 - 06:18:00 (RTTNews)

(RTTNews) - The pound strengthened against its major rivals in the early European session on Friday, following the release of more-than-expected U.K. economic data for December.

The U.K. total trade deficit narrowed in December after massively widening in the previous month, figures from the Office for National Statistics showed Friday. The total trade deficit decreased to GBP 3.304 billion from GBP 3.559 billion in November.

Data from the Office for National Statistics showed that U.K. industrial production growth exceeded economists' expectations at the end of 2016. Industrial output climbed 1.1 percent month-on-month in December, much faster than the expected 0.2 percent increase. Likewise, manufacturing output expanded 2.1 percent compared to the 0.5 percent growth economists had forecast.

Another report from ONS showed that construction output grew 1.8 percent compared with November, largely due to an increase in new work.

Meanwhile, the European stock market traded higher, as U.S. President Donald Trump vowed to announce 'phenomenal' tax reform plan in next few weeks and upbeat Chinese trade data pointed to a rebound in external demand and a stabilizing domestic economy.

Investors looked ahead to the meeting between Trump and Japanese Prime Minister Shinzo Abe later today, with trade issues expected to top the agenda.

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

In the European trading, the pound edged up to 1.2519 against the U.S dollar, 1.2552 against the Swiss franc and 0.8502 against the euro, from early lows of 1.2465, 1.2488 and 0.8538 respectively. If the pound continues its uptrend, it is likely to find its resistance around 1.27 against the greenback, 1.27 Swiss franc and 0.84 against the euro.

Against the yen, the pound rose to 142.23 from an early low of 141.27. This may be compared to an an early 8-day high of 142.37. The pound is likely to find resistance around the 144.00 region.

Looking ahead, Canada jobs data for January, U.S. import price index for January, U.S. University of Michigan's preliminary consumer sentiment index for February are slated for release in the New York session.

At 2:00 pm ET, U.S. federal budget balance report is set to be published.

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