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Sterling hits losses against major currencies after pessimistic data

2019-06-10 10:42 am | Resource: NEWS | No Views : 112

Sterling hits losses against major currencies after pessimistic data

 British currency fell against the dollar on Monday after a string of disappointing macroeconomic reports. Where it gave up its gains against its other major counterparts as markets appeared to have weighed the effects of uncertainty in Britain's exit from the EU and expected a decline.

UK GDP growth to 0.3% in the quarter to April

UK gross domestic product (GDP) rose 0.3% in the quarter to April compared to the previous three months, according to monthly estimates released by the country's National Statistics Office on Monday. This figure represents a slowdown from the 0.5% growth recorded in the first quarter of 2019. On a monthly basis, the UK economy contracted by 0.4% in April.

Said the head of the Office of National Statistics Rob Kent Smith. "GDP growth has shown some weakness in the last three months, as the economy shrank in April mainly due to the sharp drop in car production, with uncertainty ahead of the UK's original departure date in the EU, leading to planned closures,

Quarterly growth in the services sector was 0.2%, while the production sector grew 0.7% in the three-month period, with manufacturing up 1.2%.

UK industrial production fell in April

The UK's National Bureau of Statistics said in a statement released on Monday that industrial output in the UK fell by 2.7% in April from the previous month. The decline in manufacturing was 3.9%, the biggest drop since June 2002, the main contributor to lower production, while transport equipment fell to its lowest level since January 1974, falling by 13.4%.

Meanwhile, production output for the three months to April increased by 0.7%, driven by a 1.2% rise in manufacturing and a 2.9% increase in mining and quarrying.

The UK trade deficit rose from £ 2.7 billion to £ 15.6 billion in the three months to April

The UK trade deficit rose by 2.7 billion pounds to 15.6 billion pounds in the three months to April 2019, the National Bureau of Statistics said on Monday. The trade deficit widened by £ 2.8 billion to £ 43.4 billion, while surplus services increased by £ 100 million to £ 27.9 billion. In the 12 months to April, the trade deficit widened 19.3 billion pounds to 44.6 billion pounds.

The data showed that excluding non-speculative commodities, including non-monetary gold, the overall trade deficit fell by 4.2 billion pounds and totaled £ 6.6 billion from February to April.

The trade deficit with EU member states increased by £ 0.4 billion in the last reporting period, while it rose by £ 2.4 billion with countries outside the European Union, at £ 18.4 billion.

Pound fell
  • The British Pound was down 0.32% at $ 1.26967 at 11:45 CET.
  • The euro rose just 0.07% to £ 0.89029. However, it briefly touched 0.89077 pounds for the first time since January 15.
  • In front of the yen the pound was almost steady at 137.802 yen, and failed to maintain its highest level in a month.
  • The Pound saw slight changes in the exchange rate compared to CHF at 1.25829.

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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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