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Forex News: Pound Climbs Amid Strong U.K. PMI Data

Pound Climbs Amid Strong U.K. PMI Data

01/24/2024 - 07:10:00 (RTTNews)

(RTTNews) - The pound moved up against its major counterparts in the European session on Wednesday, after a data showed that the nation's private sector activity expanded further in January.

Flash survey results from S&P Global showed that the composite output index rose to 52.5 from 52.1 in December. The expected score was 52.2.

The services PMI advanced to 53.8 from 53.4 in the previous month. The reading was forecast to rise to 53.2.

The manufacturing PMI came in at 47.3, up from 46.2 in the prior month. The reading was seen at 46.7.

Stronger-than-expected PMI data raised the possibility of UK rate staying higher for longer.

The pound edged up to 188.48 against the yen and 1.1052 against the franc, from an early low of 187.46 and a 2-day low of 1.1011, respectively. The pound may find resistance around 195.00 against the yen and 1.13 against the franc.

The pound advanced to near a 2-week high of 1.2773 against the greenback and a 4-1/2-month high of 0.8535 against the euro, off its early lows of 1.2671 and 0.8561, respectively. The pound is poised to challenge resistance around 1.31 against the greenback and 0.84 against the euro.

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