Pound Rises As Flash U.K. Private Sector Expands Steadily
16 Dezembro 2024 - 4:13AM
RTTF2
The British pound strengthened against other major currencies in
the European session on Monday, after data showed that the U.K.
private sector activity advanced at a steady pace in December.
Data from S&P Global showed that the U.K. Purchasing
Managers' Index (PMI) posted 50.5, unchanged from November. The
economists had expected the index to improve to 50.7 in
December.
The Manufacturing activity declined at a faster pace with the
index falling to 47.3 from 48.0 in November. Economists expected
the index to have improved to 48.1.
The service sector activity also expanded at a faster pace. The
corresponding index rose to 51.4 from 50.4.
Traders await the outcome of the Bank of England meeting to be
held later this week, with analysts predicting no change in
interest rates at 4.75%.
Investors will also pay close attention to BoE Governor Andrew
Bailey's press conference for fresh interest rate guidance for
2025. Traders see the BoE reducing interest rates three times next
year.
In the European trading today, the pound rose to a 4-day high of
194.76 against the yen, from an early low of 193.65. The pound may
test resistance around the 198.00 region.
Against the euro and the Swiss franc, the pound advanced to
0.8926 and 1.1286 from an early more than a 2-week low of 0.8328
and a 5-day low of 1.1250, respectively. If the pound extends its
uptrend, it is likely to find resistance 0.81 against the euro and
1.14 against the franc.
The pound edged up to 1.2671 against the U.S. dollar, from an
early low of 1.2627. On the upside, 1.28 is seen as the next
resistance level for the pound.
Looking ahead, Canada housing starts for November, U.S. New York
Empire State manufacturing index for December and U.S. S&P
Global flash PMI results for December are set to be released in the
New York session.
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