GBP/USD Holds Gains Ahead of U.K. Data

8 April, 2016

Ahead of the released U.K. economic reports on Friday, the pound held gains even though the sentiment of the dollar remained vulnerable due to the cautious stance on Fed’s rate hike.

Meanwhile, GBP/USD retreated from 1.41, the session high, to hit 1.40 amid morning’s session and remained steady with 0.32%.

Subsequently, the Cable began easing at 1.40, the low of  April 6 and a one-month low and resistance settling at 1.42, the high of April 5.

It was reported on Friday that the manufacturing production lost about 1.1% in February, compared to the expected fall of 0.2%, the U.K. Office for National Statistics said.

In January, the manufacturing production increased 0.5%, suggesting a revised figure from the prior estimate of a 0.7% gain. 

On a year-on-year basis, the manufacturing production was seen losing by 1.8% in February, startling forecasts for a 0.7% decline.

The U.K. industrial production was reportedly showing declines by about 0.3% in February, compared to the expected gain of 0.1% after a downward revision of the 0.2% gain in the last month.

In other news, the U.K. trade deficit showed narrowed result of £11.96 billion in February, which was previously at £12.16 billion in January. Its figure was revised from an earlier forecast deficit of £10.29 billion.

Meanwhile, analysts are expecting a trade deficit narrow result of £10.20 billion in February.

The dollar continued to struggle after the March policy meeting of the Fed on Wednesday, implying that raising of interest rates before June is in doubt due to worries over global economic growth.

Conversely, the dollar remained strong, after Janet Yellen, the Fed Chair said on Thursday that the U.S. economy was not a "bubble economy," and the labor market appears to be "healing."

The December decision of a rate hike was not a mistake, Yellen said.  

Consequently, the pound was higher against the euro, which shed about 0.27% to 0.80.

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