Pound Climbs Against Majors
06 Februar 2024 - 12:10PM
RTTF2
The pound firmed against its major counterparts in the European
session on Tuesday, as European stocks edged higher amid strong
earnings from BP and China's stimulus measures for battered
financial markets.
Investors looked ahead to comments from Fed officials for clues
on the timing of the first interest-rate cut.
Strong U.S. economic data and hawkish comments from Fed Chair
Jerome Powell intensified hopes that the central bank is unlikely
to reduce rates before May.
Traders are pricing in an 83% chance the Fed will keep rates
unchanged in March, and have lowered expectations for a similar
move in May.
Survey results from S&P Global showed that UK construction
activity contracted at a slower pace in January as business
optimism reached a two-year high.
The construction Purchasing Managers' Index posted 48.8 in
January, up from 46.8 in the previous month.
The pound edged up to 1.2583 against the greenback, 186.78
against the yen and 0.8536 against the euro, off its early lows of
1.2527, 186.19 and 0.8570, respectively. The currency is poised to
challenge resistance around 1.28 against the greenback, 188.00
against the yen and 0.84 against the euro.
The pound touched 1.0985 against the franc, setting an 8-day
high. On the upside, 1.12 is possibly seen as the next resistance
level.
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