The Pound is rising against the Dollar due to UK GDP data
2018-10-10 09:51 am | Resource: News | No Views : 34
The pound trimmed gains against the dollar on Wednesday after data showed that the UK economy was steady in August, but grew by 0.7% quarter-on-quarter.
British gross domestic product flat in August
UK gross domestic product (GDP) grew by 0.7 percent in the three months to August, but remained steady compared to the previous month, the Office of National Statistics said on Wednesday.
All three major sectors contributed to GDP growth with the services sector rising by 0.5% in the three-month period. In August, economic growth has not changed, losing expectations and falling from 0.4% recorded the previous month. Thanks to warm weather, GDP grew by 0.7 per cent in the three months to August compared to the previous three months, the same as in July.
Data showed that industrial production grew by 0.2% in August, but slower than the 0.4% we saw a month ago. At the same time, manufacturing output fell 0.2 per cent after showing small growth. Service production also showed steady change in August compared with July's increase of 0.3%. Production of construction and agricultural production decreased by 0.7% and 0.2%, respectively.
Kent Smith commented on the head data on GDP. "The economy continued to recover strongly after a weak spring, with the retail, food, beverage and home construction businesses performing particularly well during the hot summer months, but long-term growth is still lagging behind."
UK industrial production rose 0.2% in August
In other data, UK industrial production rose 0.2 percent in August from a month earlier, the National Bureau of Statistics said in a report released on Wednesday. The higher-than-expected increase was driven mostly by a 1.8% increase in electricity and gas supplies, while mining and quarrying rose 2.1%. Year on year, the figure was 1.30% higher.
During the same month, industrial production fell by 0.20% from July, while it rose by 1.3% yoy. The monthly decline is due to a 2.3% decline in chemicals and chemical products, and 1.7% in wood and paper products.
At the same time, production output fell by 0.7% between July and August, mainly due to a decrease in both repair and maintenance and all new businesses which decreased by 0.6% and 0.8% respectively
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move The alternative scenario is that the USDJPY retreated to level of…
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