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Forex News: Pound Climbs Ahead Of U.K. Parliamentary Vote On

Pound Climbs Ahead Of U.K. Parliamentary Vote On Brexit Deal

03/29/2019 - 09:05:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Friday, as investors braced for a third vote in Parliament on Prime Minister Theresa May's Withdrawal Agreement without the political declaration today.

MPs will vote on the withdrawal agreement, covering the terms of the UK's departure from the EU, at 2:30 pm GMT.

Attorney General Geoffrey Cox urged MPs to vote for the motion, saying that if they do not pass the deal, then the article 50 extension until May 22 will expire.

Extension beyond April 12 require unanimous approval by the EU.

Data from the Office for National Statistics showed that U.K. gross domestic product was revised up on an annualized basis in the fourth quarter.

The U.K. GDP grew by annual 1.4 percent in the final three months of last year, an upward revision from the preliminary estimate of 1.3 percent.

Separately, survey data from the Nationwide Building Society revealed that U.K. house price inflation accelerated more-than-expected in March to its highest level in four months.

The house price index rose 0.7 percent year-on-year following a 0.4 percent increase in February. Economists had forecast a 0.6 percent gain.

The latest house price inflation rate was the highest since November, when it was 1.9 percent.

The pound rose against its major counterparts in the Asian session, barring the euro.

Having declined to an 8-day low of 1.3003 against the greenback at 5:30 am ET, the pound reversed direction and reached as high as 1.3137. If the pound rises further, 1.33 is likely seen as its next resistance level.

After falling to an 8-day low of 1.2945 against the franc at 5:30 am ET, the pound snapped back to 1.3074 in subsequent trading. Next key resistance for the pound is likely seen around the 1.33 region. The pound strengthened to 0.8551 against the euro, from a weekly low of 0.8630 seen at 4:00 am ET. The pound is seen finding resistance around the 0.84 level.

Data from the Federal Employment Agency showed that German unemployment fell less than expected in March, but the jobless rate fell to a record low.

The seasonally adjusted unemployment decreased by 7,000 persons. Economists had forecast a fall of 10,000.

Following more than a 2-week low of 144.06 hit at 5:30 am ET, the pound bounced off to 145.50 against the yen. Should the pound rises further, 146.5 is possibly seen as its next resistance level.

Looking ahead, the U.S. new home sales for February, Chicago PMI and University of Michigan's consumer sentiment index for March are slated for release shortly.

At 12:00 pm ET, Federal Reserve Governor Randal Quarles will deliver a speech about macroprudential policy at the Shadow Open Market Committee's Spring Meeting in New York.

For comments and feedback: contact editorial@rttnews.com

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