Advertisement
Pound Rises After Positive U.K. GDP Data
(RTTNews) - The pound climbed against its major counterparts in the European session on Friday, as the economy registered a stronger than estimated recovery in the first half of the year despite high inflation and tighter monetary policy.
Data from the Office for National Statistics showed that GDP registered a sequential growth of 0.2 percent in the second quarter, which was unchanged from the first estimate. This followed an upwardly revised growth of 0.3 percent in the first quarter.
As a result, GDP was 1.8 percent above the pre-coronavirus pandemic levels in the second quarter. Britain's growth rate has now exceeded those of France and Germany.
European shares rose as Eurozone inflation hit a two-year low in September, supporting expectations that the European Central Bank will keep interest rates on hold.
Eurostat reported that the Eurozone's annual inflation rate fell to 4.3 percent year-on-year in September, marking the lowest level since October 2021.
The pound touched 183.02 against the yen, setting an 8-day high. On the upside, 184.00 is possibly seen as its next resistance level.
The pound rose to 1.1191 against the franc and 0.8641 against the euro, from its early 2-day lows of 1.1125 and 0.8674, respectively. The pound is seen finding resistance around 1.14 against the franc and 0.84 against the euro.
The pound advanced to a 1-week high of 1.2271 against the greenback, but it has since eased to 1.2221.
Yen Rises As Japan Tankan Data Adds To BOJ Rate-Hike Prospects
Yen Rises Against Majors
U.S. Dollar Extends Fall As Trump's Tax Bill And Tariffs Weigh
U.S. Dollar Falls Against Majors
U.S. Dollar Weakens Amid Trade Talks, Debt Concerns
Pound Slides Amid Risk-off Mood; Swiss Franc Rises
Swiss Franc Rises Against Majors
