Pound Higher After Strong U.K. GDP Data
14 Enero 2022 - 12:51AM
RTTF2
The pound advanced against its major counterparts in the
European session on Friday, after a data showed that the nation's
economy expanded at a faster pace in November underpinned by
services activity.
Data from the Office for National Statistics showed that gross
domestic product grew 0.9 percent month-on-month in November,
faster than the revised 0.2 percent expansion registered in October
and the economists' forecast of 0.4 percent.
Production output increased 1.0 percent from last month. This
followed two consecutive months of negative growth, with a fall of
0.5 percent in October and a decrease of 0.7 percent in
September.
The visible trade deficit declined to GBP 11.34 billion in
November from GBP 11.81 billion in October.
The surplus on services trade totaled GBP 11.96 billion, largely
unchanged from the previous month. Consequently, the total trade
surplus increased moderately to GBP 626 million from GBP 151
million a month ago.
Expectations that the Bank of England is likely to raise the key
rate further in February also supported the currency.
The pound climbed to 1.3743 against the greenback and 0.8342
against the euro, off its early low of 1.3702 and a 1-week low of
0.8362, respectively. The next key resistance for the pound is
located around 1.39 against the greenback and 0.82 against the
euro.
The pound rebounded to 156.52 against the yen and 1.2518 against
the franc, from its prior 4-day lows of 155.99 and 1.2471,
respectively. Should the pound strengthens further, it is likely to
test resistance around 157.5 against the yen and 1.28 against the
franc.
Looking ahead, U.S. business inventories data for November,
University of Michigan's preliminary consumer sentiment index for
January, retail sales, industrial production and import and export
prices, all for December, will be featured in the New York
session.
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