FOREX TradingCharts.com

Forex News: Pound Rises As U.K. Economy Rebounds

Pound Rises As U.K. Economy Rebounds

07/11/2024 - 04:50:00 (RTTNews)

(RTTNews) - The British pound strengthened against other major currencies in the European session on Thursday, after U.K. economy rebounded at a faster-than-expected pace in May underpinned by broad-based expansion in services, manufacturing and construction industries.

Real gross domestic product grew 0.4 percent in May after showing no growth in April, the Office for National Statistics reported. The actual growth was double the expected 0.2 percent expansion.

Services output expanded 0.3 percent in May and became the biggest contributor to the growth.

Industrial production grew 0.2 percent, reversing a fall of 0.9 percent in April. Within in total production, manufacturing rebounded 0.4 percent following a 1.6 percent decline. At the same time, construction output was up 1.9 percent.

Another official data today showed that the visible trade deficit narrowed to GBP 17.9 billion in May from GBP 19.4 billion in April. Meanwhile, the surplus on services trade remained almost unchanged at GBP 13 billion.

As a result, the total trade deficit narrowed to GBP 4.89 billion from GBP 6.4 billion in the previous month.

The European stock markets traded higher as traders eye September for the Federal Reserve's first rate cut.

"Our undertaking is to make decisions when and as they need to be made, based on the data, the incoming data, the evolving outlook and the balance of risks, and not in consideration of other factors, and that would include political factors," Fed Chair Jerome Powell said in a hearing before the House Financial Services Committee.

There are also expectations that a U.S. government report due later in the day will show inflation continued to moderate in June.

In the European trading today, the pound rose to a 17-year high of 208.11 against the yen and a 4-month high of 1.2873 against the U.S. dollar, from early lows of 207.58 and 1.2849, respectively. If the pound extends its uptrend, it is likely to find resistance around 209.00 against the yen and 1.29 against the greenback.

Against the Swiss franc and the euro, the pound advanced to nearly a 1-1/2-month high of 1.1573 and nearly a 1-month high of 0.8420 from early lows of 1.1553 and 0.8443, respectively. On the upside, 1.17 against the franc and 0.82 against the euro are seen as the next resistance levels for the pound.

Looking ahead, U.K. NIESR monthly GDP tracker data, U.S. inflation data for June, U.S. weekly jobless claims data and U.S. Federal budget balance report for June are slated for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes (54 min(s), 13 sec(s) ago)
(RTTNews) - The Canadian dollar dropped against its major counterparts in the New York session on ...Full Story»

Antipodean Currencies Fall Amid Risk Aversion (01 hr(s), 47 min(s), 46 sec(s) ago)
(RTTNews) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened a ...Full Story»

Yen Slides Against Majors (02 hr(s), 47 min(s), 47 sec(s) ago)
(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Frida ...Full Story»

U.S. Dollar Rises Against Majors (03 hr(s), 02 min(s), 47 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Fr ...Full Story»

NZ Dollar Drops Against Majors (03 hr(s), 11 min(s), 47 sec(s) ago)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story»

Australian Dollar Falls Against Majors (03 hr(s), 20 min(s), 47 sec(s) ago)
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on ...Full Story»

Euro Declines As ECB Holds Rates Steady (30 min(s), 13 sec(s) ago)
(RTTNews) - The euro was lower against its most major counterparts on Thursday, as the European Ce ...Full Story»

Australian Dollar Recovers After Strong Jobs Data (02 hr(s), 38 min(s), 46 sec(s) ago)
(RTTNews) - The Australian dollar recovered from recent losses against other major currencies in t ...Full Story»

Search

FOREX NEWS

Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes

07/19/2024 - 12:26 PM (RTTNews)
(RTTNews) - The Canadian dollar dropped against its major counterparts in the New York session on ...Full Story>>

Antipodean Currencies Fall Amid Risk Aversion

07/19/2024 - 03:44 AM (RTTNews)
(RTTNews) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened a ...Full Story>>

Yen Slides Against Majors

07/19/2024 - 02:43 AM (RTTNews)
(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Frida ...Full Story>>

U.S. Dollar Rises Against Majors

07/19/2024 - 02:28 AM (RTTNews)
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Fr ...Full Story>>

NZ Dollar Drops Against Majors

07/19/2024 - 02:18 AM (RTTNews)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.