Forex - Pound slightly lower after mixed U.K. data
Investing.com
Published Mar 11, 2014 06:08AM ET
Pound edges lower against dollar
Investing.com - The pound was slightly lower against the dollar on Tuesday after data showed that U.K. manufacturing output rose more than expected in January, but bad weather hampered the broader measure of industrial output.
GBP/USD dipped 0.09% to 1.6629 and was trading in a range of 1.6616 and 1.6654.
Cable was likely to find support at 1.6582, the low of February 24 and resistance at 1.6685.
Manufacturing production rose 0.4% in January, the Office for National Statistics reported, above expectations for a 0.3% gain, while December’s figure was revised up to a 0.4% increase from a previously reported gain of 0.3%.
On a year-over-year basis, manufacturing production rose 3.3%, up from 1.4% in December.
Industrial output rose 0.1% in January, slowing sharply after a 0.5% increase in December and was up 2.9% from a year earlier. Analysts had expected industrial output to rise 0.2% in January.
Meanwhile, Bank of England Governor Mark Carney said Tuesday there was a range of views among the bank’s monetary policy committee members on the amount of spare capacity in the U.K. economy.
He also said it was not unreasonable to think that interest rates may rise to 2.0% to 2.5% over the next three years. The comments came during testimony on the inflation outlook to parliament's Treasury Select Committee.
Elsewhere, sterling edged higher against the euro, with EUR/GBP dipping 0.08% to 0.8328, moving off the previous session’s 10-week highs of 0.8349.
Demand for the euro continued to be underpinned after the European Central Bank last week declined to indicate that any further easing measure are on the cards.
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Written By: Investing.com
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