Pound Firms As U.K. GDP Beats Estimates
10 Mars 2023 - 5:39AM
RTTF2
The pound advanced against its major counterparts in early
European deals on Friday, as better-than-expected U.K. GDP data
diminishing the likelihood of a recession in the first quarter.
Data from the Office for National Statistics showed that the
U.K. economy expanded 0.3 percent month-on-month in January, after
shrinking by 0.5 percent in December.
U.K. GDP came in flat year-on-year in January, beating
expectations for a drop of 0.1 percent.
The currency was further supported by a weakness in the U.S.
dollar, as a rise in jobless claims in the U.S. reduced
expectations for a 50 basis point hike by the Federal Reserve.
All eyes remain on the U.S. monthly jobs report due out later in
the day, which could significantly impact the outlook for interest
rates.
The pound was up against the euro, at a 3-day high of 0.8856.
Next near term resistance for the currency is likely seen around
the 0.86 level.
The pound climbed to 3-day highs of 1.1963 against the greenback
and 163.36 against the yen, from its early lows of 1.1907 and
161.94, respectively. The currency is seen facing resistance around
1.21 against the greenback and 165.00 against the yen.
The pound rebounded to 1.1126 against the franc, from an early
near 4-month low of 1.1065. On the upside, 1.13 is possibly seen as
its next resistance level.
Looking ahead, U.S. and Canadian jobs data and U.S. monthly
budget statement, all for February, are due in the New York
session.
Euro vs Sterling (FX:EURGBP)
Graphique Historique de la Devise
De Mar 2024 à Avr 2024
Euro vs Sterling (FX:EURGBP)
Graphique Historique de la Devise
De Avr 2023 à Avr 2024