Pound Advances Amid Risk Appetite
02 Giugno 2022 - 08:52AM
RTTF2
The pound climbed against its major rivals in the European
session on Thursday, as European stocks rebounded despite lingering
concerns about a slowdown in global economic growth.
The Financial Times reported on Wednesday that Saudi Arabia is
willing to raise its oil production, if output from Russia drops
substantially amid Western sanctions.
Oil prices fell following the report and ahead of a meeting of
the Organization of the Petroleum Exporting Countries and their
allies that is expected to confirm a modest increase in output for
July.
A fall in the U.S. dollar ahead of ADP private payrolls data
further underpinned the currency.
U.K. stock market remain closed on account of Queen Elizabeth's
Platinum Jubilee to mark her record-setting 70 years on the
throne.
The pound climbed to 1.2551 against the greenback and 0.8516
against the euro, following its previous lows of 1.2469 and 0.8543,
respectively. The currency is likely to find resistance around 1.29
against the greenback and 0.82 against the euro.
The pound rose to 162.95 against the yen and 1.2054 against the
franc, up from an early low of 162.11 and a 1-1/2-year low of
1.1972, respectively. Next likely resistance for the pound is seen
around 165.00 against the yen and 1.22 against the franc.
Looking ahead, U.S. ADP private payrolls data for May is
scheduled for release at 8:15 am ET.
Canada building permits for April, U.S. weekly jobless claims
for the week ended May 28 and factory orders for April will be
released in the New York session.
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