Pound Mixed After U.K. Industrial Production Data
11 Mars 2014 - 01:18PM
RTTF2
The pound experienced mixed performance against other major
currencies in European deals on Tuesday following the release of
nation's industrial production data for January.
U.K. industrial production growth slowed more than expected in
January, while manufacturing output growth remained stable compared
to December, official data showed today.
Industrial output edged up 0.1 percent from December, the Office
for National Statistics reported. Output was forecast to expand 0.2
percent, following December's 0.5 percent rise.
Meanwhile, retail sales in the United Kingdom grew at a
significantly slower pace in February, survey data published by the
British Retail Consortium and KPMG revealed today.
Total retail sales increased 0.7 percent year-on-year in
February, which was notably weaker than the 5.4 percent gain seen
in January.
Eurogroup President Jeroen Dijsselbloem said today that Eurozone
finance ministers made good progress on framing the deal for a
single mechanism to deal with failed banks in the currency
bloc.
In remarks made after the Eurogroup and the Intergovernmental
Agreement (IGA) meetings on Monday, Dijsselbloem said, "We made a
very good progress on the text of the Intergovernmental
Agreement."
Reversing from an early high of 1.6654 against the greenback,
the pound eased to more than a 2-week low of 1.6616 and held steady
thereafter. If the pound extends its early downtrend, it may face
support around the 1.64 mark.
The pound rose back against the euro and traded around the 0.832
mark, from an early low of 0.8342 hit at 5:20 am ET. The next
possible upside target for the pound lies around the 0.82 zone.
The pound regained its upward momentum against the franc shortly
after the data was released and was trading around the 1.4639 level
at 6:25 am ET. This may be compared to an early low of 1.4603. The
pound is likely to find resistance surrounding the 1.475
region.
After climbing to 172.13 against the yen at 10:45 pm ET, the
pound pared gains to 171.62 during European deals. The pound may
seek support around the 170.00 area.
The Bank of Japan today decided to leave its monetary policy
unchanged as a front-loaded increase in demand prior to sales tax
hike helped the economy to recover moderately.
The Bank of Japan will increase monetary base at an annual pace
of JPY 60 trillion to JPY 70 trillion.
At 10:00 am ET, U.S. wholesale inventories data for January is
due.
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