Pound Rises On Upbeat U.K. PMI Data
23 Abril 2024 - 3:44AM
RTTF2
The British pound strengthened against other major currencies in
the European session on Tuesday, after a survey showed that U.K.
private sector activity expanded for the sixth consecutive month in
April.
The composite output index rose from 52.8 to 54.0, hitting an
11-month high.
The services PMI climbed to 54.9 in April from 53.1 in March,
hitting a 11-month high.
Meanwhile, the manufacturing PMI fell to a two-month low of 48.7
in April from 50.3 in March.
Meanwhile, the U.K. public sector net borrowing declined in the
financial year ending March, but it remained well above the
official estimate, separate data from the Office for National
Statistics showed.
European stocks traded higher after a survey showed that
business activity in the euro zone expanded at its fastest pace in
nearly a year this month.
The composite PMI increased from 50.3 to 51.4 in April on the
back of a buoyant recovery in the bloc's dominant service
sector.
Expectations of interest rate cuts by the European Central Bank
and the Bank of England also helped underpin investor
sentiment.
The British sterling held steady against its major rivals in the
Asian trading today.
In the European trading now, the pound rose to a 4-day high of
191.82 against the yen, from an early low of 190.83. The pound may
test resistance near the 194.00 region.
Against the Swiss franc, the U.S. dollar and the euro, the pound
edged up to 1.1286, 1.2389 and 0.8622 from early lows of 1.1252,
1.2330 and 0.8645, respectively. If the pound extends its uptrend,
it is likely to find resistance around 1.15 against the franc, 1.27
against the greenback and 0.84 against the euro.
Looking ahead, U.S. building permits for March, U.S. Redbook
report, U.S. flash PMI data for April, U.S. new home sales data for
March and U.S. Richmond Fed manufacturing index for April are
slated for release in the New York session.
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