Forex News: Pound Higher On Strong U.K. Services PMI

Pound Higher On Strong U.K. Services PMI

(RTTNews) - The pound advanced against its most major counterparts in the European session on Friday, as the nation's service sector returned to growth in February, reducing concerns over a recession.

Data from S&P Global and the Chartered Institute of Procurement & Supply showed that U.K. composite PMI rose to 53.1 in February from 48.5 in January.

U.K. services PMI climbed to 53.5 in February, slightly above the flash reading of 53.3 and up from 48.7 in January. Economists had forecast a score of 53.

Strong service sector data from Asia and Europe further underpinned risk sentiment.

Comments from Atlanta Fed President Raphael Bostic that he supported a "slow and steady" path of interest rate hikes eased concerns about the rate outlook.

The pound climbed to 1.2017 against the greenback and 1.1273 against the franc, from an early low of 1.1938 and a 4-day low of 1.1224, respectively. The currency is seen facing resistance around 1.24 against the greenback and 1.22 against the franc.

The pound was up against the euro, at a 2-day high of 0.8840. Next near term resistance for the currency is likely seen around the 0.86 level.

In contrast, the pound was lower against the yen and was trading at 163.12. Should the currency slides further, 161.00 is likely seen as its next support level.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews