Pound Climbs As U.K. Private Sector Activity Expands Unexpectedly
(RTTNews) - The pound firmed against its major counterparts in the European session on Thursday, after a data showed that the nation's private sector activity returned to expansion in November.
Flash survey results from S&P Global and the Chartered Institute of Procurement & Supply showed that U.K. composite PMI rose to 50.1 from 48.7 in October. The score was expected to rise to 48.7.
The services PMI came in at 50.5 in November, up from 49.5 in October. The reading was expected to remain unchanged.
The manufacturing PMI advanced to 46.7 from 44.8, above estimates of 45.0.
U.S. stock markets are closed today for Thanksgiving Day, and European stocks are somewhat flat with investors looking for direction.
The pound advanced to more than a 2-week high of 0.8683 against the euro and a 2-1/2-month high of 1.2569 against the greenback, off its early lows of 0.8724 and 1.2483, respectively. The pound may find resistance around 0.84 against the euro and 1.27 against the greenback.
The pound moved up to a 1-week high of 187.65 against the yen and an 8-day high of 1.1100 against the franc, from an early low of 186.27 and a 3-day low of 1.1021, respectively. The pound is seen finding resistance around 194.5 against the yen and 1.13 against the franc.
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