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Forex - Pound hits 3-week highs vs. dollar after U.K. data

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Investing.com -

Investing.com - The pound rose to more than three-week highs against the dollar on Tuesday after data showed that U.K. industrial output increased at the fastest pace since June 2013.

GBP/USD hit session highs of 1.6713, the strongest level since March 13 and was last up 0.55% to 1.6699.

Cable was likely to find support at 1.6601, the session low and resistance at 1.6750.

The Office for National Statistics reported that U.K. industrial production increased 0.9% in February and was up 2.7% on a year-over-year basis. Market expectations had been for a monthly gain of 0.3% and an annual increase of 2.2%.

Manufacturing output jumped by 1.0% month-on-month in February, the biggest rise since September 2013, and the third successive monthly increase, and was 3.8% higher on a year-over-year basis.

The dollar continued to remain under pressure after last week's U.S. payrolls report disappointed some market expectations for a stronger number.

Market watchers were looking ahead to Wednesday's minutes of the Federal Reserve's March meeting for further indications on the future direction of monetary policy.

Elsewhere, sterling rose to session highs against the euro, with EUR/GBP down 0.35% to 0.8244.

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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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