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Forex - GBP/USD steady after U.K. economic reports

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Investing.com - The pound was steady against the U.S. dollar on Tuesday, after the release of relatively positive U.K. economic reports, while concerns over the outlook for global economic growth continued to weigh.

GBP/USD hit 1.5274 during European morning trade, the session low; the pair subsequently consolidated at 1.5276, dipping 0.01%.

Cable was likely to find support at 1.5199, the low of April 5 and resistance at 1.5385, Monday's high.

Official data showed that U.K. consumer price inflation remained unchanged at an annualized rate of 2.8% in March, in line with expectations.

A separate report showed that producer price inflation input fell 0.1% last month, less than the expected 0.2% decline, after a 2.8% increase.

Retail price inflation rose to an annualized rate of 3.3% in March from 3.2% the previous month, in line with expectations.

Meanwhile, investors remained cautious after official data on Monday showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.

Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.

Sterling was fractionally lower against the euro with EUR/GBP edging up 0.08%, to hit 0.8537.

Later in te day, the U.S. was to publish official data on building permits and on housing starts, followed by reports on consumer inflation, industrial production and the capacity utilization rate.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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