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Name Symbol Market Type
Euro vs Pound Sterling FX:EURGBP Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.000005 0.0% 0.840645 0.84062 0.84067 0.84175 0.838765 0.840805 0 09:12:00

Pound Mixed After U.K. Industrial Production Data

11/03/2014 12:18pm


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The pound experienced mixed performance against other major currencies in European deals on Tuesday following the release of nation's industrial production data for January.

U.K. industrial production growth slowed more than expected in January, while manufacturing output growth remained stable compared to December, official data showed today.

Industrial output edged up 0.1 percent from December, the Office for National Statistics reported. Output was forecast to expand 0.2 percent, following December's 0.5 percent rise.

Meanwhile, retail sales in the United Kingdom grew at a significantly slower pace in February, survey data published by the British Retail Consortium and KPMG revealed today.

Total retail sales increased 0.7 percent year-on-year in February, which was notably weaker than the 5.4 percent gain seen in January.

Eurogroup President Jeroen Dijsselbloem said today that Eurozone finance ministers made good progress on framing the deal for a single mechanism to deal with failed banks in the currency bloc.

In remarks made after the Eurogroup and the Intergovernmental Agreement (IGA) meetings on Monday, Dijsselbloem said, "We made a very good progress on the text of the Intergovernmental Agreement."

Reversing from an early high of 1.6654 against the greenback, the pound eased to more than a 2-week low of 1.6616 and held steady thereafter. If the pound extends its early downtrend, it may face support around the 1.64 mark.

The pound rose back against the euro and traded around the 0.832 mark, from an early low of 0.8342 hit at 5:20 am ET. The next possible upside target for the pound lies around the 0.82 zone.

The pound regained its upward momentum against the franc shortly after the data was released and was trading around the 1.4639 level at 6:25 am ET. This may be compared to an early low of 1.4603. The pound is likely to find resistance surrounding the 1.475 region.

After climbing to 172.13 against the yen at 10:45 pm ET, the pound pared gains to 171.62 during European deals. The pound may seek support around the 170.00 area.

The Bank of Japan today decided to leave its monetary policy unchanged as a front-loaded increase in demand prior to sales tax hike helped the economy to recover moderately.

The Bank of Japan will increase monetary base at an annual pace of JPY 60 trillion to JPY 70 trillion.

At 10:00 am ET, U.S. wholesale inventories data for January is due.

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