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Forex News: Pound Advances Amid Strong U.K. Economic Data

Pound Advances Amid Strong U.K. Economic Data

08/12/2022 - 04:25:00 (RTTNews)

(RTTNews) - The pound climbed against its most major counterparts on Friday, as the U.K. economy contracted less than expected in the second quarter.

Data from the Office for National Statistics showed that the GDP fell 0.1 percent quarter-on-quarter in the second quarter, after a revised 0.8 percent growth in the previous quarter. Economists had forecast the GDP to drop to 0.2 percent.

U.K. industrial and manufacturing production fell less than expected on a monthly basis in June, down by 0.9 percent and 1.6 percent, respectively.

Weak economic data from the U.S. prompted investors to scale back the odds of more aggressive tightening by the U.S. Federal Reserve.

Odds of a 75 bps hike in September have fallen to around 34 percent on the back of weak CPI and PPI data.

The pound was up against the franc and the euro, touching 1.1501 and 0.8446, respectively. The pound is likely to face resistance around 1.16 against the franc and 0.82 against the euro.

The pound was higher against the yen, at a 2-day high of 162.79. On the upside, 165.00 is possibly seen as its next resistance level.

In contrast, the pound retraced its early gains against the greenback, hitting a 2-day low of 1.2168. The pound is seen finding support around the 1.20 level.

Looking ahead, Eurozone industrial production for June is due in the European session.

U.S. import and export prices for July and University of Michigan's preliminary consumer sentiment for August are scheduled for release in the New York session.

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