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Forex News: Pound Rises As U.K. Annual GDP Growth Revised

Pound Rises As U.K. Annual GDP Growth Revised Upwards

09/30/2019 - 07:37:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Monday, as a data showed that U.K. economy expanded a little faster than previously estimated annually in the second quarter.

Data from the Office for National Statistics showed that gross domestic product was revised up to 1.3 percent on an annual basis in the second quarter, from previous estimate of 1.2 percent.

This followed a 2.1 percent growth in the first quarter.

Data from the Bank of England showed that British households' borrowing declined in August as uncertainties surrounding Brexit weighed on consumer confidence.

The number of mortgage approvals for house purchase fell to 65,500 in August from an 18-month high of 67,000 in July. This was well below the forecast of 66,500.

The currency held steady against its major counterparts in the Asian session, excepting the yen.

The pound appreciated to 1.2250 against the franc, after falling to 1.2172 at 5:45 pm ET. The pound is seen finding resistance around the 1.25 mark.

Following a decline to 1.2283 against the greenback at 5:45 pm ET, the pound reversed direction, rising to 1.2330. The next possible resistance for the pound is seen around the 1.26 level.

The pound rose to 133.08 against the yen, reversing from a low of 132.47 seen at 2:00 am ET. Should the pound rises further, it may find resistance around the 136.5 level.

Preliminary data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined at a faster-than-expected rate in August.

Industrial production fell 1.2 percent month-on-month in August. Economists had expected a fall of 0.5 percent.

The U.K. currency reached as high as 0.8867 against the euro, up from a low of 0.8905 hit at 6:45 pm ET. Next key resistance for the pound is seen around the 0.86 level.

Preliminary data from Eurostat showed that Eurozone unemployment rate unexpectedly dropped in August to its lowest level in more than a decade.

The seasonally adjusted unemployment rate fell to 7.4 percent from 7.5 percent in July. Economists had expected the rate to remain unchanged.

Looking ahead, German flash consumer inflation for September is set for release at 8:00 am ET.

Canada industrial product price index for August will be out at 8:30 am ET.

For comments and feedback: contact editorial@rttnews.com

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