Pound Climbs Amid Risk Appetite
26 Marzo 2018 - 7:16AM
RTTF2
The pound strengthened against its major counterparts in early
European deals on Monday amid risk appetite, as fears over a trade
war eased after news that United States and China have began talks
for refining access of American goods to China.
The Wall Street Journal reported that U.S. Treasury Secretary
Steven Mnuchin and U.S. trade representative Robert Lighthizer are
engaged in talks with Liu He, China's economic czar in Beijing, for
vast areas from financial services to manufacturing.
Investors now expect the U.S. trade policy to be more selective
and tactical than first feared to give Washington leverage in
pushing for big changes.
Survey data from the latest Confederation of British Industry
and PricewaterhouseCoopers showed that optimism in the financial
services sector fell for the fourth consecutive quarter at the
start of 2018.
About 7 percent of firms said they were more optimistic about
the overall business situation compared with three months ago,
whilst 24 percent were less optimistic, giving a balance of -17
percent, the Financial Services Survey revealed.
The currency rose against its major counterparts in the Asian
session, with the exception of the euro.
The pound firmed to 0.8722 against the euro, from a low of
0.8742 hit at 8:45 pm ET. The next possible resistance for the
pound is seen around the 0.86 level.
The pound hit 4-day highs of 1.3446 against the Swiss franc and
149.18 against the yen, reversing from early lows of 1.3371 and
147.88, respectively. If the pound rises further, 1.37 and 153.00
are likely seen as its next resistance levels against the Swiss
franc and the yen, respectively.
The pound rose to a 4-day high of 1.4199 against the greenback,
off an early low of 1.4131. The pound is seen finding resistance
around the 1.43 region.
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