Pound Advances Amid Strong U.K. Economic Data
11 Agosto 2022 - 11:25PM
RTTF2
The pound climbed against its most major counterparts on Friday,
as the U.K. economy contracted less than expected in the second
quarter.
Data from the Office for National Statistics showed that the GDP
fell 0.1 percent quarter-on-quarter in the second quarter, after a
revised 0.8 percent growth in the previous quarter. Economists had
forecast the GDP to drop to 0.2 percent.
U.K. industrial and manufacturing production fell less than
expected on a monthly basis in June, down by 0.9 percent and 1.6
percent, respectively.
Weak economic data from the U.S. prompted investors to scale
back the odds of more aggressive tightening by the U.S. Federal
Reserve.
Odds of a 75 bps hike in September have fallen to around 34
percent on the back of weak CPI and PPI data.
The pound was up against the franc and the euro, touching 1.1501
and 0.8446, respectively. The pound is likely to face resistance
around 1.16 against the franc and 0.82 against the euro.
The pound was higher against the yen, at a 2-day high of 162.79.
On the upside, 165.00 is possibly seen as its next resistance
level.
In contrast, the pound retraced its early gains against the
greenback, hitting a 2-day low of 1.2168. The pound is seen finding
support around the 1.20 level.
Looking ahead, Eurozone industrial production for June is due in
the European session.
U.S. import and export prices for July and University of
Michigan's preliminary consumer sentiment for August are scheduled
for release in the New York session.
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