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Pound rebounds as retail sales sparkles - MarketPulse
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Pound shrugs as Construction PMI rises
March 4, 2021SharePrint
The British pound remains range-bound in the Thursday session. Currently, GDP/USD is trading at 1.3977, up 0.16% on the day.
Construction sector rebounds
The UK construction industry accelerated in February with a PMI read of 53.3, up sharply from 49.2. The 50-level separates contraction from expansion, so construction is again showing growth. This is a result of new construction projects in anticipation of stronger economic conditions over the course of the year. February PMIs are pointing to the economy gathering steam, which should be a bullish sign for the British pound. The Manufacturing PMI rose to 55.1, slightly above the estimate of 54.9. The services sector also improved, with the PMI climbing to 49.5, up sharply from 39.5 beforehand. The national lockdown has resulted in pent-up demand, and with the government slowly opening up the economy, we can expect PMI numbers to continue to point upwards.
Pound continues to drift
March 3, 2021SharePrint
The British pound is almost unchanged for a third straight day. Currently, GDP/USD is trading at 1.3964, up 0.07% on the day.
Pound stabilizes below 1.40
The British pound is in tranquil waters this week, after the currency slid 1.5% late last week. The catalyst for the steep drop was the sharp jump in US Treasury bonds, which boosted the US dollar. However, with US Treasuries retreating, the dollar’s rally has run out of steam, and GBP/USD has been trading slightly below the 1.40 level for most of the week.
The UK services sector has been hard-hit by the Covid-19 pandemic, and health restrictions and the national lockdown have resulted in contraction in Services PMI for the past four months. Still, the PMI showed strong improvement in February, rising from 39.5 to 49.5 index points. This shows a degree of stability has returned to the services sector, which is just a tad below the 50-level, which separates contraction from expa
Pound hits 1.40 despite soft UK retail sales
February 19, 2021SharePrint
The British pound has posted small gains in the Friday session. Currently, GDP/USD is trading at 1.4000, up 0.18% on the day.
Sterling rallies past 1.40 line
The pound enjoyed an excellent Thursday, as GBP/USD climbed close to 1 percent. The pair has continued to move higher on Friday and breached the 1.40 level, a symbolic level that had held since April 2018. The dollar index has dropped on Friday 0.38%, to 90.24. There is support at 90.00, and a daily close below this level would signal a downtrend for the US currency.
UK Retail Sales slide
UK Retail Sales suffered a miserable start to the year, with a read of -8.2% for January. This was the second decline in three months and the weakest reading since April. This sharp decline resulted from the tighter health restrictions, which severely crimped consumer spending.
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