Pound Slides Amid Contraction In U.K. Business Activity

RTTNews | 645 days ago
Pound Slides Amid Contraction In U.K. Business Activity

(RTTNews) - The pound dropped against its major counterparts in the European session on Tuesday, as the nation's business activity contracted to the lowest level since January.

Final survey results from S&P Global and the Chartered Institute of Procurement & Supply showed that the U.K. composite PMI fell to 48.6 in August from 50.8 in July. The flash score was 47.9.

The services PMI dropped to 49.5 from 51.5 in the previous month. The flash reading was 48.7.

Disappointing China data fueled global growth concerns and further weighed on the currency.

China Caixin services PMI slipped more-than-expected to 51.8 from 54.1 in July. The expected score was 53.6.

The pound touched 1.2527 against the greenback, setting a 2-1/2-month low. The pound is seen finding support around the 1.23 mark.

The pound declined to 184.06 against the yen, from an early 5-day high of 185.30. The pound is likely to face support around the 180.00 region, if it falls again.

Against the euro and the franc, the pound fell to a 5-day low of 0.8576 and a 6-day low of 1.1123, respectively. The pound may locate support 0.88 against the euro and 1.10 against the franc.

U.S. factory orders for July are slated for release in the New York session.

read more
Euro Rises Amid Risk-on Mood

Euro Rises Amid Risk-on Mood

The euro strengthened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors monitored the latest updates from Sino-U.S. talks and awaited crucial U.S. inflation data for direction. After two days of discussions in London, U.S. and Chinese officials have agreed on a limited framework to put their trade truce back on track.
RTTNews | 11h 25min ago
Euro Rises Against Majors

Euro Rises Against Majors

The euro strengthened against other major currencies in the European session on Wednesday.
RTTNews | 11h 34min ago
Yen Recovers Amid BoJ Rate Hike Speculation

Yen Recovers Amid BoJ Rate Hike Speculation

The Japanese yen recovered from early lows against other major currencies in the European session on Tuesday, as traders speculate that the Bank of Japan (BoJ) will hike interest rates this year.
RTTNews | 1 day ago
Pound Slides On Weak U.K. Employment Data

Pound Slides On Weak U.K. Employment Data

The British pound weakened against other major currencies in the early European session on Tuesday, after the U.K. unemployment rate rose slightly in the three months to April period.
RTTNews | 1 day ago
Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the early European session on Tuesday.
RTTNews | 1 day ago
Yen Rises After Japan GDP Data

Yen Rises After Japan GDP Data

The Japanese yen strengthened against other major currencies in the Asian session on Monday, after data showed that an upward revision to Japan's first quarter GDP supporting the interest rate hike expectations.
RTTNews | 2 days ago
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Monday.
RTTNews | 2 days ago