AIRLINK 181.39 Decreased By ▼ -2.38 (-1.3%)
BOP 11.17 Decreased By ▼ -0.09 (-0.8%)
CNERGY 8.54 Increased By ▲ 0.01 (0.12%)
CPHL 94.26 Decreased By ▼ -2.18 (-2.26%)
FCCL 46.18 Increased By ▲ 0.01 (0.02%)
FFL 15.66 Decreased By ▼ -0.09 (-0.57%)
FLYNG 28.18 Decreased By ▼ -0.18 (-0.63%)
HUBC 142.77 Decreased By ▼ -0.67 (-0.47%)
HUMNL 13.24 Increased By ▲ 0.24 (1.85%)
KEL 4.53 Increased By ▲ 0.09 (2.03%)
KOSM 5.79 Increased By ▲ 0.02 (0.35%)
MLCF 65.51 Increased By ▲ 0.94 (1.46%)
OGDC 212.88 Decreased By ▼ -1.20 (-0.56%)
PACE 6.05 Increased By ▲ 0.08 (1.34%)
PAEL 46.60 Decreased By ▼ -0.42 (-0.89%)
PIAHCLA 18.17 Increased By ▲ 1.08 (6.32%)
PIBTL 10.61 Increased By ▲ 0.18 (1.73%)
POWER 12.31 Increased By ▲ 0.19 (1.57%)
PPL 170.90 Decreased By ▼ -0.84 (-0.49%)
PRL 34.27 Decreased By ▼ -0.25 (-0.72%)
PTC 22.86 Increased By ▲ 0.47 (2.1%)
SEARL 94.95 Increased By ▲ 2.04 (2.2%)
SSGC 42.47 Increased By ▲ 1.64 (4.02%)
SYM 14.19 Decreased By ▼ -0.01 (-0.07%)
TELE 7.21 Decreased By ▼ -0.07 (-0.96%)
TPLP 9.91 Decreased By ▼ -0.10 (-1%)
TRG 65.55 Decreased By ▼ -1.10 (-1.65%)
WAVESAPP 9.85 Decreased By ▼ -0.28 (-2.76%)
WTL 1.32 No Change ▼ 0.00 (0%)
YOUW 3.76 Decreased By ▼ -0.03 (-0.79%)
AIRLINK 181.39 Decreased By ▼ -2.38 (-1.3%)
BOP 11.17 Decreased By ▼ -0.09 (-0.8%)
CNERGY 8.54 Increased By ▲ 0.01 (0.12%)
CPHL 94.26 Decreased By ▼ -2.18 (-2.26%)
FCCL 46.18 Increased By ▲ 0.01 (0.02%)
FFL 15.66 Decreased By ▼ -0.09 (-0.57%)
FLYNG 28.18 Decreased By ▼ -0.18 (-0.63%)
HUBC 142.77 Decreased By ▼ -0.67 (-0.47%)
HUMNL 13.24 Increased By ▲ 0.24 (1.85%)
KEL 4.53 Increased By ▲ 0.09 (2.03%)
KOSM 5.79 Increased By ▲ 0.02 (0.35%)
MLCF 65.51 Increased By ▲ 0.94 (1.46%)
OGDC 212.88 Decreased By ▼ -1.20 (-0.56%)
PACE 6.05 Increased By ▲ 0.08 (1.34%)
PAEL 46.60 Decreased By ▼ -0.42 (-0.89%)
PIAHCLA 18.17 Increased By ▲ 1.08 (6.32%)
PIBTL 10.61 Increased By ▲ 0.18 (1.73%)
POWER 12.31 Increased By ▲ 0.19 (1.57%)
PPL 170.90 Decreased By ▼ -0.84 (-0.49%)
PRL 34.27 Decreased By ▼ -0.25 (-0.72%)
PTC 22.86 Increased By ▲ 0.47 (2.1%)
SEARL 94.95 Increased By ▲ 2.04 (2.2%)
SSGC 42.47 Increased By ▲ 1.64 (4.02%)
SYM 14.19 Decreased By ▼ -0.01 (-0.07%)
TELE 7.21 Decreased By ▼ -0.07 (-0.96%)
TPLP 9.91 Decreased By ▼ -0.10 (-1%)
TRG 65.55 Decreased By ▼ -1.10 (-1.65%)
WAVESAPP 9.85 Decreased By ▼ -0.28 (-2.76%)
WTL 1.32 No Change ▼ 0.00 (0%)
YOUW 3.76 Decreased By ▼ -0.03 (-0.79%)
BR100 12,588 Increased By 72.3 (0.58%)
BR30 37,879 Decreased By -72.9 (-0.19%)
KSE100 117,316 Increased By 414.5 (0.35%)
KSE30 36,116 Increased By 183.7 (0.51%)

Sterling rallied on Friday after a slowdown in US wage growth weakened the dollar and British industrial production data showed the UK's manufacturing sector continues to expand, albeit slowly. Traders had earlier pushed the pound slightly lower as markets wait to get more clarity on Britain's Brexit negotiations with the European Union.
But when the dollar fell as data showed that despite the strongest US jobs growth in 1-1/2 years, wage growth had fallen, the pound pushed higher.
The pound gained 0.4 percent to $1.3874. Sterling also rose against the euro and was up 0.3 percent at 88.85 pence per euro.
"There was some good and some bad [in the industrial data numbers released on Friday] but nothing to scare the horses ahead of the spring statement next week," said Michael Hewson, chief analyst at CMC Markets. "Sterling is up because of dollar weakness."
British Finance Minister Philip Hammond on Tuesday gives his half-yearly update on the economy, known as the spring statement.
Analysts said with predictions of a Bank of England interest rate hike for May baked into the price, and ongoing political risks around Brexit negotiations, assessments of the health of the UK economy have taken a backseat for currency investors.
"The market is quite happy for there to be a rate hike in May. With that in the price, it dampens the impact of economic data," said Jane Foley, FX strategist at Rabobank. "The focus is on politics right now."
European Council President Donald Tusk said on Thursday the Brexit negotiations risk stalling if Britain does not present a realistic solution for the future of the Irish border, after London rejected an EU fallback proposal last week.
The EU this week also rebuffed Britain's post-Brexit trade demands and offered banks no special deal, underlining how far the two sides have to go before they can secure a trade accord. Britain has said it will announce a transition deal - which will buy Britain and the EU time to decide their future relationship - later this month at an EU leaders summit.
But many investors remain sceptical that this can happen so soon. That uncertainty has weighed on sterling after the currency rallied at the start of the year.

Copyright Reuters, 2018

Comments

Comments are closed.