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Forex News: Pound Appreciates After PM Johnson Unveils Final Brexit

Pound Appreciates After PM Johnson Unveils Final Brexit Plan

10/02/2019 - 10:39:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the New York session on Wednesday, after Prime Minister Boris Johnson made a promising speech in Manchester, reiterating his intention to "get Brexit done."

The final Brexit deal to be presented to the European Union is believed to have constructive and reasonable proposals which provide a compromise for both sides, the PM said at Conservatives' annual conference.

"We will under no circumstances have checks at or near the border in Northern Ireland. We will respect the peace process and the Good Friday agreement," he said.

"And by a process of renewable democratic consent by the executive and assembly of Northern Ireland we will go further and protect the existing regulatory arrangements for farmers and other businesses on both sides of the border."

"And at the same time we will allow the UK - whole and entire - to withdraw from the EU, with control of our own trade policy from the start," he added.

Survey data from IHS Markit showed that the UK construction sector contracted further in September.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 43.3 in September from 45.0 in August. The score was forecast to remain unchanged at 45.0.

The pound recovered to 1.2298 against the greenback, from an early low of 1.2227. The next possible resistance for the pound is seen around the 1.26 level.

Data from payroll processor ADP showed that private sector employment rose slightly less than expected in the month of September.

ADP said private sector employment climbed by 135,000 jobs in September compared to economist estimates for an increase of about 140,000 jobs.

The pound rose to 1.2319 against the franc, from an early low of 1.2191. If the pound rises further, it may find resistance around the 1.25 level.

Data from the Federal Statistical Office showed that Swiss consumer price inflation eased to the lowest in 33 months in September.

Inflation eased to 0.1 percent in September from 0.3 percent in August. Economists had forecast the rate to remain unchanged at 0.3 percent.

The pound bounced off to 0.8886 versus the euro, off an early low of 0.8924. The pound is seen finding resistance around the 0.86 mark.

The U.K. currency recovered slightly to 132.27 against the yen, from an early multi-week low of 131.58. Next key resistance for the pound is seen around the 134.00 level.

Data from the Cabinet Office showed that Japan's consumer confidence fell to the lowest level in more than eight years in September.

The consumer confidence index fell to a seasonally adjusted 35.6 in September from 37.1 in August.

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