Pound Higher After UK Service Sector Growth Climbs To 10-month High
05 Diciembre 2016 - 12:30AM
RTTF2
The pound was firmer against its most major rivals in the
European session on Monday, amid rising risk appetite and as
British service sector grew for a fourth straight month in November
at its fastest pace in ten months amid rising employment.
Survey data from IHS Markit and the Chartered Institute of
Procurement & Supply showed that the purchasing managers' index
for the services sector rose to 55.2 from 54.5 in October.
Latest reading signaled the fastest expansion since January and
the rate of growth was broadly in line with the 20-year long-run
survey average, IHS Markit said.
Meanwhile, the latest growth indicator from the Confederation of
British Industry showed that the U.K. private sector growth
remained steady in the three months to November.
The index measuring the pace of growth in the private sector
rose to +9 percent from +8 percent in three months to October.
The currency was underpinned by rising European shares, as
investors appeared to shrug off the result of the Italian
referendum and subsequent resignation of Prime Minister Matteo
Renzi.
The currency has been trading in a positive territory in the
previous session.
The pound remained near an early 2-month high of 1.2744 against
the greenback, following a low of 1.2625 hit at 5:45 pm ET. The
next possible resistance for the pound-greenback pair may be seen
around the 1.32 mark.
The pound climbed back to 1.2911 against the Swiss franc, just
few pips short to pierce its early near 3-month high of 1.2914. On
the upside, 1.34 is likely seen as the next resistance for the
pound-franc pair.
The pound advanced to a 5-1/2-month high of 145.55 against the
Japanese yen, off its early 5-day low of 142.51. If the pound-yen
pair extend rally, 148.5 is possibly seen as its next resistance
level.
Survey figures from Cabinet Office showed that Japan's consumer
confidence declined for the second straight month in November to
the weakest level in six months.
The seasonally adjusted consumer confidence index fell to 40.9
in November from 42.3 in the previous month. In September, the
reading was 43.0.
On the flip side, the pound that advanced to a 4-1/2-month high
of 0.8305 against the euro at 11:00 pm ET reversed direction and
was trading lower at 0.8377. The pound is seen finding support
around the 0.86 mark.
Survey results from IHS Markit showed that the euro area private
sector expanded at the fastest pace in 11 months in November but
the pace of growth was slightly weaker than initially
estimated.
The final composite output index rose less-than-estimated to
53.9 in November from 53.3 in October. The flash score was
54.1.
Looking ahead, at 8:30 am ET, the Federal Reserve Bank of New
York President William Dudley speaks about the economy and monetary
policy in New York.
Markit's U.S. final services PMI, ISM non-manufacturing
composite index and labor market conditions index for November are
due in the New York session.
The Federal Reserve Bank of St. Louis President James Bullard
will speak about the US economic outlook at the Arizona State
University's annual economic forecast luncheon in Phoenix at 2:05
pm ET.
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