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Forex News: Pound Advances Amid Brexit Optimism

Pound Advances Amid Brexit Optimism

11/29/2017 - 03:32:00 (RTTNews)

(RTTNews) - 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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