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Forex News: Pound Spikes Up As U.K. Factory Growth Accelerates

Pound Spikes Up As U.K. Factory Growth Accelerates

06/01/2018 - 07:54:00 (RTTNews)

(RTTNews) - The pound firmed against its major counterparts in the European session on Friday, after a data showed that the UK manufacturing sector expanded at a faster pace in May.

Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed that the manufacturing Purchasing Managers' Index rose unexpectedly to 54.4 in May from a 17-month low of 53.9 in April. The score was expected to drop to 53.5.

The indicator has signaled growth for the twenty-second straight month.

Investors cheered news on the formation of a new government in Italy, the euro zone's third-largest economy.

Italy's anti-establishment Five Star Movement and the far-right League reached a deal to form a populist government, helping avert the prospect of a snap election.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the greenback and the euro, it rose against the yen and the franc.

The pound strengthened to 1.3329 against the dollar, after having fallen to a 2-day low of 1.3254 at 1:00 am ET. Next key resistance for the pound is likely seen around the 1.35 level.

The pound reversed from an early low of 1.3086 against the Swiss franc, rising to 1.3140. The pound is poised to challenge resistance around the 1.33 level.

The pound advanced to a 3-day high of 145.64 against the yen, from a low of 144.49 seen at 7:45 pm ET. If the pound continues its rise, 148.00 is possibly seen as its next resistance level.

The latest survey from Nikkei showed that Japan manufacturing sector continued to expand in May, albeit at a slower rate, with a manufacturing PMI score of 52.8.

That's down from 53.8 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The pound edged up to 0.8780 against the euro, up from more than a 2-week low of 0.8809 hit at 11:00 pm ET. On the upside, 0.86 is likely seen as the next resistance for the pound.

Final data from IHS Markit showed that the upturn in the Eurozone manufacturing sector showed further signs of cooling in May, as initially estimated.

The factory Purchasing Managers' Index fell to a 15-month low of 55.5 from 56.2 in April. The score matched the flash estimate of 55.5.

Looking ahead, U.S. jobs data for May, construction spending for April and ISM manufacturing index for May are due in the New York session.

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