Forex News: Pound Rises As Flash U.K. Private Sector Expands

Pound Rises As Flash U.K. Private Sector Expands Steadily

12/16/2024 - 07:13:00 (RTTNews)

(RTTNews) - The British pound strengthened against other major currencies in the European session on Monday, after data showed that the U.K. private sector activity advanced at a steady pace in December.

Data from S&P Global showed that the U.K. Purchasing Managers' Index (PMI) posted 50.5, unchanged from November. The economists had expected the index to improve to 50.7 in December.

The Manufacturing activity declined at a faster pace with the index falling to 47.3 from 48.0 in November. Economists expected the index to have improved to 48.1.

The service sector activity also expanded at a faster pace. The corresponding index rose to 51.4 from 50.4.

Traders await the outcome of the Bank of England meeting to be held later this week, with analysts predicting no change in interest rates at 4.75%.

Investors will also pay close attention to BoE Governor Andrew Bailey's press conference for fresh interest rate guidance for 2025. Traders see the BoE reducing interest rates three times next year.

In the European trading today, the pound rose to a 4-day high of 194.76 against the yen, from an early low of 193.65. The pound may test resistance around the 198.00 region.

Against the euro and the Swiss franc, the pound advanced to 0.8926 and 1.1286 from an early more than a 2-week low of 0.8328 and a 5-day low of 1.1250, respectively. If the pound extends its uptrend, it is likely to find resistance 0.81 against the euro and 1.14 against the franc.

The pound edged up to 1.2671 against the U.S. dollar, from an early low of 1.2627. On the upside, 1.28 is seen as the next resistance level for the pound.

Looking ahead, Canada housing starts for November, U.S. New York Empire State manufacturing index for December and U.S. S&P Global flash PMI results for December are set to be released in the New York session.

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Forex News: Pound Rises As Flash U.K. Private Sector Expands

Pound Rises As Flash U.K. Private Sector Expands Steadily

RECENT FOREX and ECONOMIC NEWS STORIES

FOREX NEWS

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U.S. Dollar Rises Against Majors

Yen Rises Amid Tariff Worries

U.S. Dollar Falls As Economic Growth Slows More Than Expected

Canadian Dollar Weakens As BoC Cuts Rates