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Forex News: Pound Weakens As U.K. Factory Growth Slows

Pound Weakens As U.K. Factory Growth Slows

01/02/2018 - 08:03:00 (RTTNews)

(RTTNews) - The pound fell against its most major rivals in the European session on Tuesday, after a data showed that the UK manufacturing activity growth eased more than expected in December.

Data from IHS Markit showed that U.K. purchasing managers' index fell to 56.3 in December from November's 51-month high of 58.2. The score was below expectations of 57.7.

The headline PMI has now remained above the 50.0 no-change mark for 17 consecutive months.

A decline in European stocks also weighed, as falling auto shares and tensions in Iran dragged the market down. Better than expected Chinese manufacturing PMI and easing tensions on the Korean peninsula failed to buoy investor sentiment.

The pound climbed against its major opponents in the Asian session, with the exception of the euro.

The pound dropped to a 4-day low of 151.90 against the yen, from an early near a 4-week high of 152.53. If the pound weakens further, 150.00 is likely seen as its next support level.

The pound retreated to 1.3142 against the franc, after having advanced to 1.3193 at 4:00 am ET. The pound is seen finding support around the 1.30 region.

The pound fell to 0.8918 against the euro, its lowest since November 28, 2017. Further weakness may take the pound to a support around the 0.90 mark.

Final data from IHS Markit showed that Eurozone manufacturing sector activity grew the most since the survey began in mid-1997.

The factory PMI improved to 60.6 in December, in line with the flash estimate, from 60.1 in November.

On the flip side, the pound climbed to more than a 3-month high of 1.3566 against the greenback, compared to 1.3504 hit late New York Friday. The next possible resistance for the pound is seen around the 1.38 level.

Looking ahead, Markit's U.S. final manufacturing PMI for December is set for release in the New York session.

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