FOREX TradingCharts.com

Forex News: Pound Advances On BoE Rate Hike Hopes

Pound Advances On BoE Rate Hike Hopes

10/13/2021 - 07:32:00 (RTTNews)

(RTTNews) - The pound was higher against its most major counterparts in the European session on Wednesday, as strong U.K. GDP data for August intensified hopes for a rate hike by the Bank of England before the end of the year.

Data from the Office for National Statistics showed that the UK economy recovered in August.

Gross domestic product grew 0.4 percent on month, but slightly slower than the economists' forecast of 0.5 percent.

On the production-side, services output grew 0.3 percent in August. Production output increased 0.8 percent, mainly because of the continued increase in the extraction of crude petroleum and natural gas.

Meanwhile, construction contracted again, with output down by 0.2 percent.

European stocks traded mixed ahead of U.S. inflation data that could shed more clues about the Fed's policy outlook.

The pound edged up to a session's high of 0.8473 against the euro, from a low of 0.8493 seen at 7:45 pm ET. On the upside, 0.83 is possibly seen as its next resistance level.

The pound climbed to a 2-day high of 1.3644 against the greenback and near a 4-month high of 154.96 against the yen, off its prior lows of 1.3576 and 154.11, respectively. The pound is likely to challenge resistance around 1.38 against the greenback and 156.00 against the yen.

In contrast, the pound pulled back to 1.2633 against the franc, from a high of 1.2665 hit at 4:25 am ET. The pound may challenge support around the 1.24 mark.

Looking ahead, U.S. inflation data for September is due in the New York session.

The Fed minutes from the September 21-22 meeting are set for release at 2:00 pm ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed After U.S. Consumer Confidence Index (01 hr(s), 07 min(s), 08 sec(s) ago)
(RTTNews) - U.S. consumer confidence index for October and new home sales for September have been ...Full Story»

Dollar Mixed Ahead Of U.S. Consumer Confidence Index (01 hr(s), 16 min(s), 08 sec(s) ago)
(RTTNews) - U.S. consumer confidence index for October and new home sales for September are due at ...Full Story»

Dollar Little Changed After U.S. Housing Data (02 hr(s), 04 min(s), 07 sec(s) ago)
(RTTNews) - Federal Housing finance agency's house price index and S&P/Case-Shiller home p ...Full Story»

Dollar Falls Vs Most Majors Ahead Of U.S. Housing Data (02 hr(s), 10 min(s), 07 sec(s) ago)
(RTTNews) - Federal Housing finance agency's house price index and S&P Case-Shiller home p ...Full Story»

Euro, Pound Firm As European Shares Rise (03 hr(s), 10 min(s), 08 sec(s) ago)
(RTTNews) - The euro and the pound were higher in the European session on Tuesday, as European sha ...Full Story»

Australian, NZ Dollars Climb Amid Rising Risk Appetite (07 hr(s), 10 min(s), 08 sec(s) ago)
(RTTNews) - The Australian and NZ dollars advanced against their major counterparts in the Asian s ...Full Story»

U.S. Dollar Climbs As Rising Oil Prices Raise Inflationary Risks (10 min(s), 52 sec(s) ago)
(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on ...Full Story»

Indian Rupee Declines To 5-day Low Against U.S. Dollar (03 hr(s), 37 min(s), 08 sec(s) ago)
(RTTNews) - The Indian rupee dropped against the U.S. dollar in the evening session on Monday, ami ...Full Story»

Search

FOREX NEWS

Dollar Little Changed After U.S. Consumer Confidence Index

10/26/2021 - 10:05 AM (RTTNews)
(RTTNews) - U.S. consumer confidence index for October and new home sales for September have been ...Full Story>>

Dollar Mixed Ahead Of U.S. Consumer Confidence Index

10/26/2021 - 09:56 AM (RTTNews)
(RTTNews) - U.S. consumer confidence index for October and new home sales for September are due at ...Full Story>>

Dollar Little Changed After U.S. Housing Data

10/26/2021 - 09:06 AM (RTTNews)
(RTTNews) - Federal Housing finance agency's house price index and S&P/Case-Shiller home p ...Full Story>>

Dollar Falls Vs Most Majors Ahead Of U.S. Housing Data

10/26/2021 - 09:00 AM (RTTNews)
(RTTNews) - Federal Housing finance agency's house price index and S&P Case-Shiller home p ...Full Story>>

Euro, Pound Firm As European Shares Rise

10/26/2021 - 08:02 AM (RTTNews)
(RTTNews) - The euro and the pound were higher in the European session on Tuesday, as European sha ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.