USD/CHF and EUR/CHF rose to tactical highs. What's next?
British pound slumps after mixed UK data
On Friday, the British pound decreased against the American dollar, following the publication of dismal British economic growth data as well as a more upbeat report on the country’s current account. Meanwhile, market participants eyed upcoming American economic reports.
The currency pair GBP/USD reached 1.2447 during European morning trade, which is the session minimum. This pair consolidated at 1.2465, sliding 0.10%.
Cable was about to get backed at 1.2401, Thursday’s minimum and resistance at 1.2598, the peak of March 28.
The UK Office for National Statistics reported that its final reading of fourth quarter GDP was a 0.7% soar, which is in line with hopes as well as a previous estimate.
However, year-on-hear GDP added 1.9% during the fourth quarter, which is below expectations and a previous forecast for a surge rate of 2%.
A separate report revealed that the UK current account deficit dropped to £12.1 billion in the fourth quarter of the previous year from £25.7 billion of the third quarter.
Eurozone, France, and Germany will publish the flash services and manufacturing PMIs on February 19, from 10:15 to 11:00 MT time
Australia will publish the employment change and unemployment rate on February 18, at 02:30 MT time.
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OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.