FOREX TradingCharts.com

Forex News: Pound Advances On Risk Appetite

Pound Advances On Risk Appetite

08/06/2019 - 07:27:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Tuesday, as a rebound in German factory orders and stabilization of the Chinese yuan helped lift European shares.

The yuan stabilized to hold above 7 per dollar, suggesting the People's Bank of China is not ready to let the currency slip further just yet.

Germany's factory orders rebounded at a faster than expected pace in June, data from Destatis showed.

Factory orders grew 2.5 percent month-on-month in June, reversing a revised 2 percent drop in May. The pace of growth also exceeded the expected rate of 0.5 percent.

Data from the British Retail Consortium showed that UK like-for-like retail sales grew marginally in July as pent-up demand released.

Like-for-like sales rose 0.1 percent year-on-year in July but slower than the expected growth of 0.5 percent. At the same time, overall sales advanced 0.3 percent in July.

The currency has been trading in a positive territory against its major rivals in the Asian session.

The pound appreciated to 0.9170 against the euro, from a 2-year low of 0.9250 hit at 8:45 pm ET. On the upside, 0.90 is possibly seen as the next resistance level for the pound.

Survey data from IHS Markit showed that Germany's construction activity declined for the first time in nine months in July.

The construction purchasing managers' index fell to 49.5 in July from 50.0 in June.

The pound strengthened to a 6-day high of 1.2209 against the greenback, up from Monday's closing value of 1.2139. If the pound rises further, 1.26 is likely seen as its next resistance level.

After falling to near a 3-year low of 1.1794 against the franc at 6:00 pm ET, the pound reversed direction with the pair trading at 1.1883. The currency is likely to face resistance around the 1.23 level.

The pound held steady against the yen, trading at 129.61. This followed a 4-day high of 130.06 hit at 12:00 am ET after hitting 128.11, which was its lowest level since November 2016. At yesterday's close, the pair was worth 128.63.

Data from the Ministry of Communications and Internal Affairs showed that Japan household spending rose 2.7 percent on year in June, coming in at 276,882 yen.

That beat expectations for an increase of 1.2 percent following the 4.0 percent gain in May.

In today's events, Federal Reserve Bank of Chicago President Charles Evans is set to speak at a media breakfast event hosted by the central bank at 9:30 am ET.

Federal Reserve Bank of St. Louis President James Bullard will give a speech about the economy and monetary policy at the National Economists Club Signature Luncheon in Washington DC at 12:00 pm ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Euro Falls On ECB Stimulus Hopes (13 hr(s), 16 min(s), 42 sec(s) ago)
(RTTNews) - The euro declined against its major counterparts in the European session on Friday on ...Full Story»

Dollar Little Changed Following U.S. Housing Data (15 hr(s), 01 min(s), 42 sec(s) ago)
(RTTNews) - Following the release of U.S. housing starts and building permits for July at 8:30 am ...Full Story»

Dollar Mixed Ahead Of U.S. Housing Data (15 hr(s), 07 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. housing starts and building permits for July are due at 8:30 am ET Friday. Ah ...Full Story»

U.S. Dollar Spikes Higher As Recession Worries Fade (16 hr(s), 22 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session ...Full Story»

Euro Little Changed After Eurozone Trade Data (18 hr(s), 31 min(s), 42 sec(s) ago)
(RTTNews) - Following the release of Eurozone trade data for June at 5.00 am ET Friday, the euro c ...Full Story»

Euro Falls Ahead Of Eurozone Trade Data (18 hr(s), 37 min(s), 42 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat is scheduled to release Eurozone external trade figures ...Full Story»

Canadian Dollar Advances As Oil Prices Rise (19 hr(s), 52 min(s), 42 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in the Asian session o ...Full Story»

Dollar Little Changed After NAHB Housing Market Index (13 hr(s), 31 min(s), 42 sec(s) ago)
(RTTNews) - The National Association of Home Builders' housing market index for August has bee ...Full Story»

Search

FOREX NEWS

Euro Falls On ECB Stimulus Hopes

08/16/2019 - 10:20 AM (RTTNews)
(RTTNews) - The euro declined against its major counterparts in the European session on Friday on ...Full Story>>

Dollar Little Changed Following U.S. Housing Data

08/16/2019 - 08:34 AM (RTTNews)
(RTTNews) - Following the release of U.S. housing starts and building permits for July at 8:30 am ...Full Story>>

Dollar Mixed Ahead Of U.S. Housing Data

08/16/2019 - 08:28 AM (RTTNews)
(RTTNews) - The U.S. housing starts and building permits for July are due at 8:30 am ET Friday. Ah ...Full Story>>

U.S. Dollar Spikes Higher As Recession Worries Fade

08/16/2019 - 07:12 AM (RTTNews)
(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session ...Full Story>>

Euro Little Changed After Eurozone Trade Data

08/16/2019 - 05:04 AM (RTTNews)
(RTTNews) - Following the release of Eurozone trade data for June at 5.00 am ET Friday, the euro c ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.