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Forex News: Pound Climbs Amid Risk Appetite On Upcoming US-China

Pound Climbs Amid Risk Appetite On Upcoming US-China Trade Talks

01/04/2019 - 06:11:00 (RTTNews)

(RTTNews) - The pound gained ground against its major counterparts in the European session on Friday amid risk appetite, as the U.S. and China planned fresh trade talks next week and a private survey showed growth in the Chinese service sector accelerated to a six-month high in December, helping ease global growth worries.

Chinese slowing growth is having an impact on Apple and other American companies, but sales should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said.

Survey data from IHS Markit showed that U.K. service sector activity expanded more than forecast in December.

The CIPS Purchasing Managers' Index, or PMI, rose to 51.2 from 50.4 in November. Economists had forecast a score of 50.7.

Meanwhile, data from the Nationwide Building Society showed that UK house price inflation slowed sharply in December to its weakest level since early 2013, as buyer confidence eroded amid the persistent uncertainties linked to Brexit.

The house price index rose 0.5 percent year-on-year following a 1.9 percent increase in November. Economists had forecast a 1.5 percent increase.

The currency has been trading higher against its major opponents in the Asian session.

The pound appreciated to a 2-day high of 1.2682 against the greenback, following a decline to 1.2616 at 7:00 pm ET. The pound is likely to find resistance around the 1.28 level.

The pound bounced off to 136.98 against the yen, from a low of 135.81 hit at 7:00 pm ET. The pound is seen finding resistance around the 138.00 region.

The pound firmed to a 2-day high of 1.2533 against the franc, reversing from a low of 1.2451 seen at 5:00 pm ET. If the pound rises further, 1.27 is possibly seen as its next resistance level.

Having dropped to 0.9030 against the euro at 7:00 pm ET, the pound changed direction and advanced to a 4-day high of 0.8981. The next possible resistance for the pound is seen around the 0.88 level.

Data from Eurostat showed that Eurozone's consumer price inflation slowed more-than-expected in December to its lowest level in eight months.

The consumer price index rose 1.6 percent year-on-year following a 1.9 percent increase in November. Economists had forecast 1.8 percent inflation.

Looking ahead, U.S. and Canadian jobs data for December are scheduled for release in the New York session.

At 10:15 am ET, Federal Reserve Chair Jerome Powell participates in a panel discussion titled "Federal Reserve chairs: Joint Interview" at the American Economic Association's Annual Meeting in Atlanta.

At the same time, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in a panel discussion titled "The Future of Traditional Banking" at the American Economic Association's Annual Meeting in Atlanta.

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