Pound Weakens As U.K. Factory Growth Slows
02 Janvier 2018 - 09:03AM
RTTF2
The pound fell against its most major rivals in the European
session on Tuesday, after a data showed that the UK manufacturing
activity growth eased more than expected in December.
Data from IHS Markit showed that U.K. purchasing managers' index
fell to 56.3 in December from November's 51-month high of 58.2. The
score was below expectations of 57.7.
The headline PMI has now remained above the 50.0 no-change mark
for 17 consecutive months.
A decline in European stocks also weighed, as falling auto
shares and tensions in Iran dragged the market down. Better than
expected Chinese manufacturing PMI and easing tensions on the
Korean peninsula failed to buoy investor sentiment.
The pound climbed against its major opponents in the Asian
session, with the exception of the euro.
The pound dropped to a 4-day low of 151.90 against the yen, from
an early near a 4-week high of 152.53. If the pound weakens
further, 150.00 is likely seen as its next support level.
The pound retreated to 1.3142 against the franc, after having
advanced to 1.3193 at 4:00 am ET. The pound is seen finding support
around the 1.30 region.
The pound fell to 0.8918 against the euro, its lowest since
November 28, 2017. Further weakness may take the pound to a support
around the 0.90 mark.
Final data from IHS Markit showed that Eurozone manufacturing
sector activity grew the most since the survey began in
mid-1997.
The factory PMI improved to 60.6 in December, in line with the
flash estimate, from 60.1 in November.
On the flip side, the pound climbed to more than a 3-month high
of 1.3566 against the greenback, compared to 1.3504 hit late New
York Friday. The next possible resistance for the pound is seen
around the 1.38 level.
Looking ahead, Markit's U.S. final manufacturing PMI for
December is set for release in the New York session.
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