Pound Falls Amid Risk Aversion
2017年12月1日 - 02:47PM
RTTF2
The pound weakened against its major counterparts in early
European deals on Friday, as European shares dropped after weak
manufacturing data from China and delayal of the Senate vote on tax
reform bill overnight.
The manufacturing sector in China continued to expand in
November, albeit at a slower pace, the latest survey from Caixin
showed today with a PMI score of 50.8. That's down from 51.0 in
October.
U.S. Senate Republicans delayed voting on their tax bill
Thursday, as some sceptics raised concerns about the swelling
budget deficit as a result of the measure. In economic front, data
from IHS Markit showed that the UK manufacturing sector expanded at
the fastest pace in more than four years in November.
The IHS Markit/Chartered Institute of Procurement & Supply
Purchasing Managers' Index rose to 58.2 in November from revised
56.6 in October. This was the highest score since August 2013.
The currency showed mixed trading in the Asian session. While it
rose against the greenback and the franc, it held steady against
the yen. Against the euro, it dropped. Having advanced to more than
a 2-month high of 1.3550 against the greenback at 7:45 pm ET, the
pound reversed direction and weakened to 1.3475. If the pound
extends decline, 1.33 is possibly seen as its next support
level.
The pound dropped to 151.43 against the yen and 1.3242 against
the franc, off its early 2-1/2-month high of 152.48 and more than a
4-week high of 1.3323, respectively. Continuation of the pound's
downtrend may see it challenging support around 150.00 against the
yen and 1.31 against the franc.
The pound slipped to a 2-day low of 0.8841 against the euro,
from a high of 0.8789 hit at 7:45 pm ET. The pound is seen finding
support around the 0.90 mark.
Survey data from IHS Markit showed that Eurozone manufacturing
activity expanded notably in November underpinned by production and
new orders.
The final factory Purchasing Managers' Index rose to 60.1 in
November, its best reading apart from April 2000's series-record
high. The score improved from 58.5 in October.
Looking ahead, Canada GDP data for September and jobs data for
November as well as U.S. ISM manufacturing index for November and
construction spending for October are due in the New York
session.
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