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

Pound Rises On Upbeat U.K. GDP Data

(RTTNews) - The British pound strengthened against other major currencies in the European session on Thursday, after data showed that the U.K. economy rebounded more than expected in November.

Data from the Office for National Statistics showed that the U.K. gross domestic product logged a monthly growth of 0.3 percent, reversing a 0.1 percent drop in October. GDP was expected to grow marginally by 0.1 percent.

Data showed that growth was underpinned by the 0.3 percent rise in services output and a 1.1 percent gain in industrial output. However, construction registered a 1.3 percent fall.

On a yearly basis, real GDP advanced 1.4 percent in November, which was stronger than the expected increase of 1.1 percent.

In the three months to November, GDP grew only 0.1 percent from the previous three months. This followed no growth in the three months to October.

GDP moved up 1.3 percent in the three months to November from the same period last year.

Another data showed that the visible trade deficit narrowed to GBP 23.7 billion in November from GBP 24.2 billion in the previous month. However, the shortfall was bigger than forecast of GBP 20.3 billion. The total trade deficit fell to GBP 6.1 billion from GBP 6.5 billion a month ago.

European stocks traded higher after U.S. President Donald Trump said Iran has stayed executions of protesters, signaling he may hold off on attacking the country for now.

Meanwhile, Danish foreign minister Lars Lokke Rasmussen said that discussions at the White House with U.S. vice-president J.D. Vance and secretary of state Marco Rubio were "frank but constructive", stressing that any proposal undermining Danish sovereignty or Greenland's right to self-determination was "totally unacceptable".

U.S. control of Greenland is "vital" for the country's planned Golden Dome air and missile defense system, Trump said in a social media post.

In the European trading today, the pound rose to a 2-day high of 0.8654 against the euro, from an early low of 0.8669. On the upside, 0.85 is seen as the next resistance level for the pound.

Against the U.S. dollar, the yen and the Swiss franc, the pound edged up to 1.3445, 213.31 and 1.0775 from early lows of 1.3423, 212.58 and 1.0742, respectively. If the pound extends its uptrend, it is likely to find resistance around 1.35 against the greenback, 214.00 against the yen and 1.08 against the franc.

Looking ahead, Canada manufacturing sales data, new motor vehicle sales data and wholesale sales data, all for November, U.S. export and import prices for November and U.S. weekly jobless claims data are slated for release in the New York session.

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