FOREX TradingCharts.com

Forex News: Pound Spikes Up After Positive UK PMI Data

Pound Spikes Up After Positive UK PMI Data

02/21/2020 - 09:29:00 (RTTNews)

(RTTNews) - The pound firmed against its major counterparts in the European session on Friday, after U.K. manufacturing sector activity accelerated to its highest level since April last year in February, easing some of the fears over the economy.

Survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed that the manufacturing PMI rose to a 10-month high of 51.9 in February from 50.0 in January. Economists had forecast a score of 49.7.

The flash composite output index remained unchanged at 53.3 in February. The reading was above the forecast of 52.8.

The services Purchasing Managers' Index dropped to 53.3 in February from 53.9 in January. The reading was forecast to rise by 53.4.

Sentiment faded after a rapid rise in the number of coronavirus infections outside of China.

China's commerce ministry said January and February exports and imports will be hit by the epidemic that has severely disrupted the world's second-largest economy.

The pound strengthened to 2-day highs of 0.8343 against the euro and 1.2952 against the dollar, from its previous lows of 0.8381 and 1.2874, respectively. The pound is seen finding resistance around 0.82 against the euro and 1.31 against the dollar.

The pound appreciated to more than a 2-month high of 144.89 against the yen, after falling to 143.72 in early deals. Next likely resistance for the pound is found around the 147.00 level.

Data from the Ministry of Internal Affairs showed that Japan's inflation slowed in January after rising in the previous month.

The consumer price index increased 0.7 percent year-on-year in January, slower than 0.8 percent rise in the preceding month. This was in line with economists' expectation.

Erasing an early low of 1.2663 against the Swiss franc, the pound gained to 1.2714. Immediate resistance for the pound is seen around the 1.31 level.

Looking ahead, U.S. existing home sales for January are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Following Consumer Confidence Index (04 hr(s), 50 min(s), 23 sec(s) ago)
(RTTNews) - U.S. consumer confidence report for March has been released at 10.00 am ET Tuesday. ...Full Story»

Dollar Mixed Ahead Of Consumer Confidence Index (04 hr(s), 59 min(s), 23 sec(s) ago)
(RTTNews) - U.S. consumer confidence report for March is expected at 10.00 am ET Tuesday. The cons ...Full Story»

Dollar Little Changed Following S&P/Case-Shiller Home Price Index (05 hr(s), 53 min(s), 23 sec(s) ago)
(RTTNews) - At 9:00 am ET Tuesday, S&P/Case-Shiller home price index for January has been rele ...Full Story»

Dollar Mixed Ahead Of S&P/Case-Shiller Home Price Index (05 hr(s), 56 min(s), 22 sec(s) ago)
(RTTNews) - At 9:00 am ET Tuesday, S&P/Case-Shiller home price index for January is due. Ahead ...Full Story»

Loonie Unmoved After Canada GDP Data (06 hr(s), 20 min(s), 23 sec(s) ago)
(RTTNews) - Canada GDP data for January and industrial product price index for February have been ...Full Story»

Loonie Mixed Ahead Of Canada GDP Data (06 hr(s), 29 min(s), 23 sec(s) ago)
(RTTNews) - Canada GDP data for January and industrial product price index for February are due at ...Full Story»

Euro Unchanged After Eurozone CPI (09 hr(s), 53 min(s), 22 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat has released euro area consumer price data. After ...Full Story»

Euro Steady Ahead Of Eurozone CPI (09 hr(s), 59 min(s), 23 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat releases euro area consumer price data. Economists for ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Following Consumer Confidence Index

03/31/2020 - 10:03 AM (RTTNews)
(RTTNews) - U.S. consumer confidence report for March has been released at 10.00 am ET Tuesday. ...Full Story>>

Dollar Mixed Ahead Of Consumer Confidence Index

03/31/2020 - 09:55 AM (RTTNews)
(RTTNews) - U.S. consumer confidence report for March is expected at 10.00 am ET Tuesday. The cons ...Full Story>>

Dollar Little Changed Following S&P/Case-Shiller Home Price Index

03/31/2020 - 09:01 AM (RTTNews)
(RTTNews) - At 9:00 am ET Tuesday, S&P/Case-Shiller home price index for January has been rele ...Full Story>>

Dollar Mixed Ahead Of S&P/Case-Shiller Home Price Index

03/31/2020 - 08:58 AM (RTTNews)
(RTTNews) - At 9:00 am ET Tuesday, S&P/Case-Shiller home price index for January is due. Ahead ...Full Story>>

Loonie Unmoved After Canada GDP Data

03/31/2020 - 08:34 AM (RTTNews)
(RTTNews) - Canada GDP data for January and industrial product price index for February have been ...Full Story>>
Copyright © 2020. 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.