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Forex News: Pound Advances Amid Risk Appetite

Pound Advances Amid Risk Appetite

11/27/2017 - 06:30:00 (RTTNews)

(RTTNews) - The pound climbed against its major opponents in early European deals on Monday, as European shares rose on easing fears over political instability in Germany and investors looked ahead to a heavy run of data due this week and a possible U.S. Senate vote on proposed tax changes.

Over the weekend, leaders of German Chancellor Angela Merkel's conservative party agreed to pursue a "grand coalition" with Social Democrats, edging closer to halt weeks of political deadlock in Europe's biggest economy.

Investors await the Fed chair Janet Yellen's testimony on the economic outlook before the Congressional Joint Economic Committee on Wednesday, a day before the U.S. Senate Banking Committee holds a confirmation hearing for new Fed chief nominee Jerome Powell.

The EU summit last week failed to make any breakthrough in Brexit talks with the European Council President Donald Tusk seeking progress from UK in 10 days on all issues, including on Ireland.

But European Commission President Jean-Claude Juncker delivered a hint of optimism, saying "they are making progress" in the Brexit negotiations.

The pound held steady against its major rivals in the Asian session, with the exception of the yen.

The pound bounced off to 148.64 against the yen and 0.8931 against the euro, from its early low of 148.17 and an 11-day low of 0.8967, respectively. The pound is seen finding resistance around 150.00 against the yen and 0.88 against the euro.

The pound reversed from its early low of 1.3310 against the greenback, rising to 1.3357. The next possible resistance for the pound is seen around the 1.35 region.

The U.K. currency climbed to a 5-day high of 1.3107 against the franc, off its early low of 1.3034. Continuation of the pound's uptrend may see it challenging resistance around the 1.33 area.

Looking ahead, U.S. new home sales for October are due in the New York session.

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