Pound Declines Despite Solid U.K. PMI Data
01 Abril 2015 - 06:17AM
RTTF2
The pound fell against its major rivals in European deals on
Wednesday, despite the release of U.K. factory activity data
showing an expansion for the twenty-fourth consecutive month in
March.
British manufacturing sector expanded at the fastest pace in
eight months during March on stronger growth in production and new
orders that led to increased hiring, survey results from Markit
Economics and the Chartered Institute of Procurement & Supply
showed.
The Markit/CIPS Purchasing Managers' Index rose to 54.4 from 54
in February, which was revised down from 54.1. The latest reading
was in line with economists' expectations.
European shares rose after final manufacturing PMI from the
Eurozone improved more than the initial estimate in March. The
Purchasing Mangers' Index rose to a 10-month high of 52.2 in March
from 51 in February. The flash score was 51.9.
The pound fared well on Tuesday, as the U.K. economic growth was
revised up in the fourth quarter. It rose 0.97 percent against the
euro, 0.03 percent against the greenback, 0.6 percent against the
franc and 0.06 percent against the yen.
The pound depreciated to 1.4768 against the greenback, off early
session's high of 1.4871. The next possible support for the pound
may be located around the 1.47 mark. At yesterday's close, the pair
was valued at 1.4814.
Moving away from an early high of 1.4444 against the Swiss
franc, the pound pared gains to 1.4368. If the pound extends slide,
1.42 is possibly seen as its next support level. The pair finished
Tuesday's deals at 1.4402.
The pound that climbed to an 8-day high of 178.42 against the
yen at 1:00 am ET fell back to 177.46. On the downside, the pound
may challenge support around the 176.00 mark. The pound-yen pair
was quoted at 177.92 at yesterday's close.
The pound was trading lower at 0.7271 against the euro,
following an advance to 0.7230 in prior deals. The pound may
possibly find support around the 0.735 area. The pound was trading
at 0.7241 versus the euro when it closed Tuesday's deals.
Looking ahead, U.S. ADP private sector employment data and U.S.
ISM manufacturing index for March and construction spending for
February are slated for release in the New York session.
At 9:00 am ET, U.S. Federal Reserve Bank of San Francisco
President John Williams will participate in a panel discussion
titled "Financial Stability: How Essential Financial Stability be
to Central Banks?" at the Federal Reserve Bank of Atlanta's
financial markets conference "Central Banking in the Shadows:
Monetary Policy and Financial Stability Post crisis," in Stone
Mountain.
About an hour and a half later, at the same conference in Stone
Mountain, U.S. Federal Reserve Bank of Atlanta President Dennis
Lockhart will participate in a panel discussion titled "Monetary
Policy: Will the Traditional Banking Channel Remain Central to
Monetary Policy?".
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