Pound Climbs Amid Risk Appetite
12 Febbraio 2018 - 6:12AM
RTTF2
The pound firmed against its major counterparts in the early
European session on Monday amid risk appetite, as European shares
rose after U.S. lawmakers managed to end a brief government
shutdown with a bill raising spending caps and funding the
government until March 23rd.
The bill raises budget caps by $300 billion over the next two
years, while raising the debt ceiling until March 2019.
The U.S. consumer price inflation report will be unveiled on
Wednesday while producer price inflation numbers will be out the
next day.
The Bank of England Chief Economist Andy Haldane said that the
central bank is in no rush to hike rates and the rates will not go
back to levels seen in the past.
"We have a very strong eye on inflationary developments, and
they're currently ahead of our target," Newcastle Chronicle
newspaper reported him as saying.
"That's why we've raised rates once already." It seems likely
that some further tightening of policy might be needed over the
period ahead.
The pound has been trading higher against its major rivals in
the Asian session, with the exception of the euro.
The pound rose to 0.8847 against the euro, off its early low of
0.8876. The pound is poised to challenge resistance around the 0.86
level.
Reversing from an early low of 1.3806 against the greenback, the
pound edged up to 1.3876. Next key resistance for the pound is
likely seen around the 1.40 area.
The pound advanced to 1.3022 against the Swiss franc, from a low
of 1.2970 hit at 5:00 pm ET. Further uptrend for the pound is
likely to see it finding resistance around the 1.33 mark.
Data from the Federal Statistical Office showed that
Switzerland's consumer price inflation slowed in January.
Consumer prices advanced 0.7 percent annually, slower than the
0.8 percent increase seen in December. The rate was forecast to
remain unchanged at 0.8 percent.
Bouncing off from an early low of 150.01 against the yen, the
pound climbed to 150.82. If the pound extends rise, 153.00 is seen
as its next resistance level.
Looking ahead, the U.S. monthly budget statement for January is
set for release in the New York session.
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