Pound Rises As U.K. GDP Growth Revised Up
31 Março 2015 - 6:52AM
RTTF2
The British pound strengthened against the other major
currencies in the early European session on Tuesday, after data
showed that U.K. economy grew more than the prior estimate in the
fourth quarter.
Data from the Office for National Statistics showed that U.K.'s
gross domestic product grew 0.6 percent sequentially in the fourth
quarter, revised up from 0.5 percent published on February 26. The
growth was thus unchanged from the 0.6 percent expansion seen in
the third quarter. Similarly, the annual growth for the fourth
quarter was revised to 3 percent from 2.7 percent. The growth rate
accelerated from 2.8 percent in the prior quarter.
In the whole year of 2014, GDP was up 2.8 percent compared to
the prior estimate of 2.6 percent.
Another report from the ONS showed that the current account
deficit narrowed to GBP 25.3 billion in the fourth quarter form GBP
27.7 billion in the third quarter.
Meanwhile, the European stocks fell after the previous session's
rally amid speculation that global liquidity will remain benign and
continue to support asset prices even if U.S. rates were hiked
later this year.
In the Asian session, the pound held steady against the other
major currencies.
In the early European trading today, the pound rose to an 8-day
high of 0.7260 against the euro and a 1-week high of 1.4403 against
the Swiss franc, from early lows of 0.7321 and 1.4296,
respectively. If the pound extends its uptrend, it is likely to
find resistance around 0.70 against the euro and 1.47 against the
franc. Against the U.S. dollar and the yen, the pound edged up to
1.4791 and 177.72 from early lows of 1.4754 and 177.18,
respectively. The pound is likely to find resistance around 1.51
against the greenback and 179.50 against the yen.
Looking ahead, U.S. S&P Case Shiller home price index for
January, Chicago PMI for March and U.S. consumer confidence index
for March are set to be published in the New York session.
At 7:55 am ET, U.S. Federal Reserve Bank of Richmond President
Jeffrey Lacker is expected to speak on Economic outlook in
Richmond.
Danièle Nouy, Chair of the ECB Supervisory Board, will deliver a
speech before the European Parliament's Committee on Economic and
Monetary Affairs on Brussels at 9:00 am ET. At the same time, U.S.
Federal Reserve Bank of Cleveland President Loretta Mester
moderates a policy session at a conference in Stone Mountain,
Georgia.
At 3:00 pm ET, U.S. Federal Reserve Bank of Kansas City
President Esther George is expected to speak on the U.S. economy in
New York.
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