Pound Climbs After BoE Vlieghe's Remarks
2018年9月25日 - 4:58PM
RTTF2
The pound strengthened against its major opponents in the
European session on Tuesday, after the Bank of England member
Gertjan Vlieghe remarked that one or two rate hikes per year would
probably be needed should UK wage and productivity picked up.
Understanding the main channels through which QE works is going
to be very important when it comes to unwinding QE, Vlieghe said at
a speech before Imperial College Business School in London.
Unwinding QE need not have a material impact on the shape of the
yield curve, or on the economy, if done gradually, he said.
He estimated one to two rate hikes a year, if wage and
productivity growth picked up.
European stocks advanced amid reports of a compromise on Italy's
budget among the government coalition members.
Analysts say that the country will not walk off the European
Union, despite the pressure to announce populist measures that will
require billions in additional spending.
Investors also looked ahead to the upcoming Fed meeting for
clues to future rate increases. The pound showed mixed trading
against its major rivals in the Asian session. While it held steady
against the euro and the yen, it rose against the franc. Against
the greenback, it dropped.
The pound advanced to a 4-day high of 148.52 against the yen,
from a low of 147.81 hit at 3:15 am ET. The next possible
resistance for the pound is seen around the 150.00 area.
Data from the Bank of Japan showed that Japan producer prices
rose 1.3 percent on year in August - exceeding expectations for an
increase of 1.1 percent, which would have been unchanged from the
July reading.
On a monthly basis, producer prices were unchanged after rising
0.1 percent in the previous month.
Having dropped to 1.3095 against the greenback at 3:00 am ET,
the pound reversed direction and climbed to 1.3161. On the upside,
1.33 is likely seen as the next resistance level for the pound.
The pound rose to a 4-day high of 1.2717 against the franc,
after falling to 1.2642 at 5:00 pm ET. The pound is poised to find
resistance around the 1.29 level.
After falling to 0.8975 against the euro at 3:00 am ET, the
pound reversed direction and edged up to 0.8940. The pound is seen
finding resistance around the 0.88 level.
Data from the Federal Statistical Office showed that Germany's
wholesale price inflation accelerated in August largely driven by
fuel cost.
Wholesale price inflation rose to 3.8 percent in August from 3.6
percent in July. This was the fastest increase in wholesale prices
since April 2017.
Looking ahead, Federal housing finance agency's U.S. house price
index and S&P/Case-Shiller home price index for July and
consumer confidence index for September are due in the New York
session.
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