Pound Advances As U.K. Services PMI Hits 6-month High
03 Novembre 2017 - 07:02AM
RTTF2
The pound climbed against its major rivals in the European
session on Friday, as a data showed that the UK service sector
expanded at the strongest pace in six months in October.
Survey data from IHS Markit showed that the IHS Markit/Chartered
Institute of Procurement & Supply Purchasing Managers' Index
rose unexpectedly to 55.6 in October from 53.6 in September. The
reading was expected to drop to 53.3.
The expansion was supported by improved order books and
resilient client demand in October.
Speaking to BBC radio, the Bank of England Deputy Governor Ben
Broadbent said that the bank's forecast to raise rate twice for the
three-year forecast period ending 2020 is not a promise.
"Given all the other things we assume in our forecasts, many of
which will be misses..., we anticipate we will need maybe a couple
more rate rises to get inflation back on track while at the same
time supporting the economy," Broadbent told.
The currency held steady against its major rivals in the Asian
session, with the exception of the greenback.
The pound edged up to 1.3065 against the franc, following a
decline to 1.3033 at 4:15 am ET. If the pound rises further, 1.32
is likely seen as its next resistance level.
Data from the UBS investment bank showed that the Swiss real
estate bubble index remained in the risk zone in the third
quarter.
The UBS Swiss Real Estate Bubble Index fell to 1.38 in the third
quarter from revised 1.41 in the previous quarter.
The pound bounced off to 1.3073 against the greenback, from a
low of 1.3040 hit at 4:15 am ET. Continuation of the pound's
uptrend may see it challenging resistance around the 1.32 area.
The pound rose to 149.18 against the yen, off its early low of
148.71. The next possible resistance for the pound-yen pair is seen
around the 151.00 mark.
The pound reversed from its early low of 0.8935 against the
euro, rising to 0.8906. The pound is seen finding resistance around
the 0.88 level.
Looking ahead, U.S. jobs data and ISM non-manufacturing index
for October and trade report and factory orders for September, as
well as Canada jobs data for October and trade report for September
are set for release in the New York session.
At 12:15 pm ET, Minneapolis Fed President Neel Kashkari speaks
about monetary policy and the 2018 outlook at the Women in Housing
and Finance luncheon, in Washington DC.
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