Pound Strengthens Amid Risk Appetite
15 März 2019 - 08:28AM
RTTF2
The pound climbed against its major opponents in the European
session on Friday amid risk appetite, as Brexit-related worries
eased and investors remained hopeful for a U.S.-China trade
deal.
U.K. lawmakers approved a motion to delay the process of exiting
from EU by at least three months, but decisively rejected a call
for a second referendum.
Prime Minister Theresa May said Brexit could be delayed by three
months to June 30 if MPs back her withdrawal deal in a vote next
week.
If they reject her deal again then it is likely that she will
seek a longer extension. But any delay has to be agreed by the 27
other EU member states.
EU leaders are meeting next Thursday, when they will consider
Brexit delay.
The currency was trading lower against its major counterparts in
the Asian session.
The pound climbed to 1.3333 against the franc, from a 2-day low
of 1.3233 seen at 3:45 am ET. Next key resistance for the pound is
seen around the 1.35 region.
Following a 2-day low of 1.3203 touched at 3:45 am ET, the pound
reversed direction against the greenback and appreciated to 1.3278.
Should the pound continues its uptrend, 1.34 is possibly seen as
its next resistance level.
The pound edged up to 148.29 against the yen, after falling to
147.42 at 3:45 am ET. The pound is poised to find resistance around
the 150.00 region.
The Bank of Japan left its monetary policy unchanged, as
expected.
The board retained the -0.1 percent interest rate on current
accounts that financial institutions maintain at the bank.
The U.K. currency rebounded from an early 2-day low of 0.8575
against the euro with the pair trading at 0.8539. Further extension
of the pound's move may see it seeking resistance around the 0.84
region.
Data from Eurostat showed that Eurozone inflation accelerated as
expected in February, while the core price growth eased.
The harmonized inflation rose to 1.5 percent from January's 1.4
percent.
Looking ahead, Canada existing home sales for February and
manufacturing sales for January, as well as New York Fed's
manufacturing survey for March, U.S. industrial production for
February and University of Michigan's preliminary consumer
sentiment sentiment index for March are scheduled for publication
in the New York session.
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