WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Pound Reverses, Dollar Overtaken on Hurricane, Korean Woes

Posted by Joseph Trevisani on Sep 8, 2017 10:06:25 AM

Updated at 1:20 pm, 9/8/17

The British Pound rose to a five-week high against the dollar as Brexit inspired short positions were closed on better than expected U. K. factory data and the impact of Hurricane Irma and tensions on the Korean peninsula undermined the greenback.

Sterling crossed 1.3200 and reached 1.3226, its best level since August 3rd. It was the currency's third straight weekly gain versus the dollar and it comes against a background of general  weakeness for the U.S. currency .

U.K. manufacturing output increased 0.5 percent in July--the first gain this year--and 1.9 percent annually, both better than expectations. Overall industrial production rose 0.2 percent, down from 0.5 percent in June but matching the median estimates.  Output over the past twelve months increased 0.4 percent as predicted, up from 0.3 percent in June. The construction sector shrank 0.9 percent following a 0.1 percent decline in June, for the fourth consecutive negative month.

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!