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Forex News: Pound Strengthens After Encouraging U.K. Industrial Producti

Pound Strengthens After Encouraging U.K. Industrial Production, Trade Data

11/10/2017 - 05:42:00 (RTTNews)

(RTTNews) - The pound advanced against its major counterparts in the early European session on Friday, as British industrial production expanded for sixth straight month in September and the trade deficit narrowed from last month due to a rise in exports.

Data from the Office for National Statistics showed that industrial production climbed 0.7 percent month-on-month in September, faster than the 0.3 percent increase seen in August, which was revised up from 0.2 percent. It was forecast to rise by 0.3 percent

Manufacturing output also advanced 0.7 percent over the month, exceeding economists' expectations for a 0.3 percent gain.

Separate data from the same agency showed that the U.K.visible trade deficit fell to GBP 11.25 billion in September from GBP 12.35 billion in August. The expected level of shortfall was GBP 12.8 billion.

The total trade deficit dropped to GBP 2.75 billion in September from GBP 3.45 billion in the previous month. This was primarily due to increased exports of unspecified goods. European stocks were subdued as U.S. tax reform worries and simmering Middle East tensions kept investors on the sidelines ahead of the weekend.

The currency showed mixed trading in the Asian session. While it fell against the yen and the greenback, it rose against the franc. Against the euro, it held steady.

The pound climbed to 0.8845 against the euro, after having fallen to 0.8874 at 2:15 am ET. The next possible resistance for the pound is seen around the 0.86 area.

The pound reversed from an early low of 1.3113 against the greenback, climbing to a 2-day high of 1.3167. If the pound rises further, 1.33 is possibly seen as its next resistance level.

The pound was trading in a positive territory versus the yen, trading at 149.12. Continuation of the pound's uptrend may see it challenging resistance around the 150.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index decreased for the second straight month in September, and at a faster-than-expected rate.

The tertiary activity index dropped 0.2 percent month-over-month in September, following a 0.1 percent decrease in August. Economists had expected a 0.1 percent stable rate of fall for the month.

On the flip side, the pound was lower against the franc with the pair trading at 1.3059. This may be compared to a high of 1.3083 hit at 1:30 am ET. The pound is seen finding support around the 1.28 level.

Looking ahead, the University of Michigan's preliminary consumer sentiment index for November is set for release at 10:00 am ET.

For comments and feedback: contact editorial@rttnews.com

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