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Forex News: Pound Slides As UK Manufacturing Growth Slows To

Pound Slides As UK Manufacturing Growth Slows To 17-Month Low

05/01/2018 - 05:31:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in early European deals on Tuesday, as UK manufacturing activity expanded at the slowest pace in 17 months in April.

Survey data from IHS Markit showed that the Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 53.9 in April from 54.9 in March. The score was forecast to fall slightly to 54.8.

The data also reduced the probability of a rate rise by the Bank of England when it meets on May 10.

The currency held steady against its major counterparts in the Asian session, with the exception of the greenback.

Having advanced to a 4-day high of 0.8761 against the euro at 4:15 am ET, the pound reversed direction and fell to 0.8797. The pound is seen challenging support around the 0.89 area.

The pound dropped to 149.87 against the yen and 1.3598 against the franc, reversing from its early highs of 150.63 and 1.3650, respectively. The pound is likely to find support around 148.00 against the yen and 1.34 against the franc.

Extending early slide, the pound weakened to a 3-1/2-month low of 1.3683 versus the dollar. The pair was valued at 1.3755 when it closed deals on Monday. Next key support for the pound is likely seen around the 1.34 level.

Looking ahead, Canada GDP for February, U.S. ISM manufacturing index for April and construction spending for March are due in the New York session.

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