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

Pound Slides After U.K. GDP Data

09/29/2017 - 07:15:00 (RTTNews)

(RTTNews) - The British pound weakened against other major currencies in the Asian session on Friday, after data showed that the U.K. economic growth expanded at a slower pace year-on-year in the second quarter, than previously estimated.

Data from the Office for National Statistics showed that Britain's economy grew 1.5 per cent in the three months ending in June from the same period in 2016. It was the weakest level since the first quarter of 2013. Economists had forecast the GDP to remain unchanged from a previous estimate at 1.7 percent.

The U.K. economy grew as previously estimated in the second quarter. Nonetheless, past data on the national accounts and balance of payments were revised.

Gross domestic product grew 0.3 percent sequentially in the second quarter, unrevised from the second estimate published on August 24, and the same rate as seen in the first quarter.

The first quarter growth was revised up from 0.2 percent.

In an another report, ONS said the current account deficit widened to GBP 23.2 billion from GBP 22.3 billion in the first quarter.

Also, data from the Bank of England showed that U.K. mortgage approvals declined in August. The number of mortgage approvals fell more-than-expected to 66,580 in August from 68,452 in the previous month. The expected level was 67,300.

In other economic news, data from the Nationwide Building Society showed that U.K. house prices increased at a slower pace in September. London became the weakest performing region for first time since 2005, with house prices down 0.6 percent year-on-year.

On a national level, house prices grew 2 percent in September from the previous year, following August's 2.1 percent increase. Economists had forecast a marginal 0.1 percent increase.

On a monthly basis, house prices gained 0.2 percent, in contrast to a 0.1 percent fall in August.

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

In the European trading, the pound fell to a 3-day low of 150.20 against the yen, from an early high of 151.28. The pound may test support near the 147.00 region.

Against the euro and the Swiss franc, the pound dropped to 4-day lows of 0.8836 and 1.2968 from early highs of 0.8763 and 1.3042, respectively. If the pound extends its downtrend, it is likely to find support around 0.89 against the euro and 1.27 against the franc.

The pound edged down to 1.3354 against the U.S. dollar, from an early high of 1.3443. On the downside, 1.31 is seen as the next support level for the pound.

Looking ahead, Canada GDP data for July and industrial product price index for August, as well as U.S. personal income and spending data for August and University of Michigan's final consumer sentiment for September are due in the New York session.

At 8:00 am ET, the Bank of England Deputy Governor Jon Cunliffe will speak at the Single Resolution Board Conference at Brussels.

At 8:30 am ET, BOE Deputy Governor Ben Broadbent participate in a panel discussion titled "The future of central bank independence" at the Bank of England's conference celebrating 20 years of independence, in London

At 11:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker speaks about the economic outlook and financial technology at the Fintech conference hosted by the Federal Reserve Bank of Philadelphia.

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