{"id":3215,"date":"2017-04-05T02:29:53","date_gmt":"2017-04-05T02:29:53","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=3215"},"modified":"2017-04-05T02:29:53","modified_gmt":"2017-04-05T02:29:53","slug":"pound-falls-second-day-stops-hit-construction-slows-4-april-2017","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/pound-falls-second-day-stops-hit-construction-slows-4-april-2017\/","title":{"rendered":"Pound Falls for Second Day as Stops Hit, Construction Slows &#8211; 4 April, 2017"},"content":{"rendered":"<p>The pound declined for a second day against the dollar, tumbling 48 pips in four minutes as stops were hit below $1.2450, as data showed further signs of slowing in the U.K. economy.<\/p>\n<p>Flows were thin overall, with the slide coming as the stops were triggered after a move higher in the euro against the pound, said traders, who asked not to be identified as they weren\u2019t authorized to speak publicly. In mid-March sterling saw similar sharp moves without any accompanying news headlines, plunging in a short span of time on one day and spiking the next. Tuesday\u2019s move came ahead of U.K. construction data that showed expansion in March but at a slower pace than forecast, in the latest assessment of the nation\u2019s economy as it prepares to leave the European Union.<\/p>\n<p>U.K. economic data may be showing \u201cthe first signs of cracking,\u201d said Stuart Bennett, head of Group-of-10 currency strategy at Banco Santander SA in London. \u201cThe pound is now a bit of a currency that when risk appetite declines, traders club together and say \u2018with geopolitical risk, economic risk, Brexit risk, what do we do? We sell the pound.\u201d\u2019<\/p>\n<ul>\n<li>GBP\/USD falls 0.4% to 1.2440, after a 0.5% decline on Monday. Support from 55-DMA at 1.2428 is in jeopardy, according to Vassilis Karamanis, a strategist who writes for Bloomberg\n<ul>\n<li>Resistance at 1.2496, Asia high; support at 1.2403, March 30 low<\/li>\n<\/ul>\n<\/li>\n<li>\u201cFollowing yesterday\u2019s unexpected decline in manufacturing growth, today\u2019s construction PMI has also disappointed, which is another blow for the pound,\u201d writes Dennis de Jong, MD of UFX.com\n<ul>\n<li>\u201cSterling has been very weak over the past nine months and the data simply isn\u2019t giving the beleaguered currency any respite at present\u201d<\/li>\n<\/ul>\n<\/li>\n<li>This week\u2019s\u00a0data range from services PMI to industrial output, following Monday data that showed manufacturing growth unexpectedly cooled for a third month in March<\/li>\n<li>EUR\/GBP climbs 0.3% to 0.8571, after a 0.7% rise on the previous day<\/li>\n<li>For more on major FX technicals, click here<\/li>\n<li>Yield on 10-year gilts is little changed at 1.06%, having earlier reached 1.05%, its lowest since October<\/li>\n<\/ul>\n<p>Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound declined for a second day against the dollar, tumbling 48 pips in four&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-3215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pound Falls for Second Day as Stops Hit, Construction Slows - 4 April, 2017 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arabicfxadvisors.com\/english\/pound-falls-second-day-stops-hit-construction-slows-4-april-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pound Falls for Second Day as Stops Hit, Construction Slows - 4 April, 2017 -\" \/>\n<meta property=\"og:description\" content=\"The pound declined for a second day against the dollar, tumbling 48 pips in four...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arabicfxadvisors.com\/english\/pound-falls-second-day-stops-hit-construction-slows-4-april-2017\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-05T02:29:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/arabicfxadvisors.com\/english\/wp-content\/uploads\/2016\/01\/gb1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fx Advisor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fx Advisor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/pound-falls-second-day-stops-hit-construction-slows-4-april-2017\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/pound-falls-second-day-stops-hit-construction-slows-4-april-2017\/\"},\"author\":{\"name\":\"Fx Advisor\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/#\/schema\/person\/86a15b1444dc3cf22d3943734b86607d\"},\"headline\":\"Pound Falls for Second Day as Stops Hit, Construction Slows &#8211; 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