Pound Climbs As U.K. Concedes On Irish Issues
04 Dezember 2017 - 09:44AM
RTTF2
The pound strengthened against its major counterparts in the
European session on Monday, amid indications of a breakthrough in
Brexit talks as the U.K. has committed to EU negotiators that there
will be no regulatory divergence on the island of Ireland. The U.K.
has committed that there will be no divergence of the rules
covering the EU single market and customs union for Northern
Ireland post Brexit, according to media reports.
With the Brexit talks progressing on issue of Ireland, it seems
more likely that negotiations would move on to the next stage.
In economic news, survey data from IHS Markit showed that
British construction activity expanded at the fastest pace in five
months in November, driven by solid rise in residential building
work.
The IHS Markit/Chartered Institute of Procurement & Supply
construction Purchasing Managers' Index rose to 53.1 in November
from 50.8 in October. Any reading above 50 indicates expansion in
the sector.
The currency showed mixed performance in the Asian session.
While it rose against the franc and the yen, it fell against the
greenback and the euro.
The pound firmed to a 2-1/2-month high of 152.72 against the yen
and near a 5-week high of 0.8768 against the euro, from its early
lows of 151.40 and 0.8833, respectively. The next possible
resistance for the pound is seen around 154.00 against the yen and
0.86 against the euro.
The pound edged up to 1.3317 against the franc and 1.3539
against the greenback, from its early low of 1.3169 and a 4-day low
of 1.3419, respectively. The pound is likely to challenge
resistance around 1.36 against the greenback and 1.35 against the
franc.
Looking ahead, U.S. factory orders and durable goods orders for
October are set for release in the New York session.
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