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Forex News: Pound Climbs On Upbeat U.K. GDP Data

Pound Climbs On Upbeat U.K. GDP Data

03/31/2021 - 06:15:00 (RTTNews)

(RTTNews) - The pound firmed against its major rivals in the European session on Wednesday, as the UK economy grew more than previously estimated in the fourth quarter.

Data from the Office for National Statistics showed that gross domestic product grew 1.3 percent sequentially in the fourth quarter instead of +1 percent estimated initially. The economy had expanded sharply by 16.9 percent in the third quarter.

Over the whole year of 2020, GDP contracted by 9.8 percent, slightly revised from the first estimate of a 9.9 percent decline.

The currency was further supported by a pullback in the dollar ahead of President Biden's speech on infrastructure spending plan.

U.K. shop prices continued to fall in March as non-food retailers resorted to discounting, according to a data by the British Retail Consortium.

The shop price index fell 2.4 percent on a yearly basis in March. Non-food prices were down 4 percent from last year, while food prices gained 0.3 percent.

The pound appreciated to near a 3-year high of 152.51 against the yen, after falling to 151.47 at 5:00 pm ET. The pound is seen finding resistance around the 154.00 area.

The pound approached a 2-day high of 0.8511 against the euro, off its prior low of 0.8537. The next likely resistance for the pound is seen around the 0.83 level.

Flash data from Eurostat showed that Eurozone consumer prices increased at a faster pace in March.

Inflation advanced to 1.3 percent in March, in line with expectations, from 0.9 percent in February. This was the third consecutive rise in prices.

The pound reversed from its early lows of 1.2927 against the franc and 1.3717 against the greenback, gaining to 2-day highs of 1.2998 and 1.3794, respectively. On the upside, 1.31 and 1.41 are possibly seen as the next resistance levels for the pound against the franc and the greenback, respectively.

Looking ahead, U.S. ADP private payrolls data for March is scheduled for release at 8:15 am ET.

In the New York session, Canada GDP data for January and industrial product price index for February, as well as U.S. pending home sales for the same month are due out.

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