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Forex News: Pound Slides As UK Private Sector Shrinks To

Pound Slides As UK Private Sector Shrinks To Over 2-yr Low

11/22/2019 - 07:07:00 (RTTNews)

(RTTNews) - The pound drifted lower against its key counterparts in the European session on Friday, after a data showed that the UK private sector contracted at the fastest pace in more than two years in November.

Flash survey data from IHS Markit showed that the headline composite output index fell to a 40-month low of 48.5 in November from the neutral mark of 50.0 in October.

The services Purchasing Managers' Index dropped unexpectedly to 48.6 from 50.0 in the previous month. The reading was forecast to rise slightly to 50.1.

The manufacturing PMI fell to 48.3 from 49.6 a month ago. The expected level was 48.8. European stocks steadied amid concerns that U.S. legislation on Hong Kong could increase tensions between the United States and Beijing.

China said both sides still maintain communication channels, helping ease worries over the possible delay of a preliminary trade deal.

The currency was trading higher against its major counterparts in the Asian session, except the euro.

The pound declined to a weekly low of 1.2863 against the dollar, after rising to 1.2928 at 3:30 am ET. Should the pound falls further, 1.27 is likely seen as its next support level.

Having climbed to 140.50 against the yen at 3:30 am ET, the pound reversed direction and weakened to a 2-day low of 139.62. The pound is seen locating support around the 136.5 region.

Survey data from IHS Markit showed that Japan's private sector continued to contract in November but moved closer to stagnation.

The Jibun Bank flash composite output index rose to 49.9 in November from 49.1 in October. A score below 50 indicates contraction in the sector.

The pound depreciated to a 2-day low of 1.2785 against the franc, following an advance to 1.2852 at 3:00 am ET. The next likely support for the pound is seen around the 1.25 region.

The pound fell to a 10-day low of 0.8595 against the euro, from a high of 0.8561 it touched at 8:15 pm ET. On the downside, 0.88 is likely seen as the next support level for the pound.

Flash data from IHS Markit showed that the euro area private sector remained close to stagnant for a third consecutive month in November.

The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The score was forecast to rise to 50.9.

Looking ahead, Canada retail sales for September and University of Michigan's consumer sentiment index for November will be featured in the New York session.

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