The British pound climbed against most major currencies on Tuesday’s early European session as country’s industrial production and manufacturing output for February exceeded economists forecast.
U.K. industrial production recovered at a faster than expected pace in February, the Office for National Statistics said today.
Industrial output grew 1 percent in February from a month ago, when it was down 1.3 percent. The rate of growth exceeded a 0.4 percent rise forecast by economists.
Likewise, manufacturing output advanced 0.8 percent month-on-month, partially offsetting the 1.9 percent decrease in January. It was forecast to grow 0.4 percent.
The pound is now trading at 1.4315 against the franc, up from Asian session’s multi-week low of 1.4225. The pound is poised to find next upside target level at 1.44.
Switzerland’s consumer prices declined more than economists expected in March, data released by the Federal Statistical Office showed.
The consumer price index decreased 0.6 percent on an annual basis in March, slower than the 0.5 percent decrease economists had forecast.
The British unit edged up to 1.5306 against the dollar from Monday’s close of 1.5255. If the pound extends gain, 1.55 is seen as the next upside target level.
The pound rebounded from Asian session’s new 2-week low of 0.8560 against the euro and is now worth 0.8512. On the upside, 0.84 is seen as the next target level for the pound.
Germany’s merchandise exports contracted in February, and at a faster rate than expected by economists, after recording strong growth in the previous month, latest data showed today.
Exports of goods declined a calendar and seasonally adjusted 1.5 percent month-on-month to EUR90.4 billion in February, after rising 1.3 percent in January. Economists had forecast a more modest decline of 0.3 percent for February.
After touching a multi-year high of 152.07 against the yen earlier, the pound reversed direction. However, the pound-yen pair that failed to hold losses climbed back, with GBP/JPY now trading at 151.48.
The U.S. wholesale inventories for February is slated for release in the New York session.
by RTT Staff Writer
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