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Forex News: Pound Depreciates On Weak U.K. GDP Data

Pound Depreciates On Weak U.K. GDP Data

06/13/2022 - 06:24:00 (RTTNews)

(RTTNews) - The pound lost ground against its major counterparts in the European session on Monday, as the nation's economy shrank for the second straight month in April, sparking fears about the risk of a recession.

Data from the Office for National Statistics showed that gross domestic product fell unexpectedly by 0.3 percent on month, faster than the 0.1 percent drop in March. This was the second consecutive contraction. GDP was forecast to grow 0.1 percent.

Further, industrial production contracted 0.6 percent in April, driven by a fall in manufacturing of 1.0 percent, as businesses continued to report the impact of price increases and supply chain shortages.

Economists had forecast industrial output to grow 0.2 percent after falling 0.2 percent in March. Likewise, growth in manufacturing output was seen at 0.2 percent, offsetting March's 0.2 percent decrease.

The construction sector shrank 0.4 percent in April, following strong growth in March when there was significant repair and maintenance activity following the storms experienced in the latter half of February.

The pound weakened to 1.2210 against the greenback, its lowest level since May 13. If pound slides further, it may find support around the 1.20 level.

The GBP/JPY pair hit a 1-week low of 164.02 from Friday's close of 165.42. On the downside, 159.00 is possibly seen as its next support level.

The pound touched a 6-day low of 1.2100 against the franc, following a high of 1.2169 seen at 6 pm ET. The pound is seen locating support around the 1.17 region.

The pound declined to a 4-day low of 0.8580 against the euro, reversing from a high of 0.8530 hit at 5 pm ET. The pound is likely to challenge support around the 0.88 level.

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