Pound Advances Amid Brexit Optimism
2017年11月29日 - 12:32PM
RTTF2
The pound strengthened against its major counterparts in
pre-European deals on Wednesday, following media reports that
Britain and the EU have edged closer towards a deal on Brexit
divorce bill, enabling to begin talks on an interim trade deal.
The U.K. has offered to pay more than €50 billion, although the
final amount will be dependent on how each side calculates the
figure from an "agreed methodology".
Settling the Brexit bill is a crucial condition for moving talks
on to future relations including a future free trade agreement.
Risk-on mood prevailed as investors shrugged off the latest
launch of a ballistic missile by North Korea and awaited key data
from the U.S., China and Japan due this week.
Current Fed Chair Janet Yellen will testify on the economic
outlook before the Congressional Joint Economic Committee later
today.
The full Senate could vote on the U.S. tax reform bill as early
as Thursday, although the legislation still includes significant
differences from the House version.
In economic front, data from the British Retail Consortium
showed that the U.K. shop prices fell 0.1 percent on year in
November.
That was in line with expectations and unchanged from the
October reading.
The pound advanced to near 3-week highs of 149.71 against the
yen and 0.8839 against the euro, from Tuesday's closing values of
148.66 and 0.8874, respectively. If the pound rises further, 151.00
and 0.86 are possibly seen as its next resistance levels against
the yen and the euro, respectively.
The U.K. currency firmed to a 2-month high of 1.3431 against the
greenback, up from Tuesday's closing value of 1.3337. Continuation
of the pound's uptrend may see it challenging resistance around the
1.36 area.
The pound that closed Tuesday's trading at 1.3119 against the
franc rose to near a 4-week high of 1.3212. The pound is seen
finding resistance around the 1.38 zone.
Looking ahead, Swiss Credit Suisse economic sentiment survey for
November, U.K. mortgage approvals for October, Eurozone economic
sentiment index and German preliminary CPI for November are due in
the European session.
In the New York session, U.S. pending home sales for October,
second estimate of GDP data for the third quarter and Fed Beige
book report are due.
At 9:00 am ET, the Bank of England governor Mark Carney speaks
about the Fair and Effective Markets Review at the Fixed Income
Currencies and Commodities Markets Standards Board, in London.
The BoE Deputy Governor David Ramsden participates in a panel
discussion at the Fixed Income Currencies and Commodities Markets
Standards Board in London at 9:45 am ET.
The Fed Chair Janet Yellen testifies on the US economic outlook
before Joint Economic Committee of Congress in Washington DC at
10:00 am ET.
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