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Forex News: Pound Climbs Amid Risk Appetite

Pound Climbs Amid Risk Appetite

02/12/2018 - 05:12:00 (RTTNews)

(RTTNews) - The pound firmed against its major counterparts in the early European session on Monday amid risk appetite, as European shares rose after U.S. lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd.

The bill raises budget caps by $300 billion over the next two years, while raising the debt ceiling until March 2019.

The U.S. consumer price inflation report will be unveiled on Wednesday while producer price inflation numbers will be out the next day.

The Bank of England Chief Economist Andy Haldane said that the central bank is in no rush to hike rates and the rates will not go back to levels seen in the past.

"We have a very strong eye on inflationary developments, and they're currently ahead of our target," Newcastle Chronicle newspaper reported him as saying.

"That's why we've raised rates once already." It seems likely that some further tightening of policy might be needed over the period ahead.

The pound has been trading higher against its major rivals in the Asian session, with the exception of the euro.

The pound rose to 0.8847 against the euro, off its early low of 0.8876. The pound is poised to challenge resistance around the 0.86 level.

Reversing from an early low of 1.3806 against the greenback, the pound edged up to 1.3876. Next key resistance for the pound is likely seen around the 1.40 area.

The pound advanced to 1.3022 against the Swiss franc, from a low of 1.2970 hit at 5:00 pm ET. Further uptrend for the pound is likely to see it finding resistance around the 1.33 mark.

Data from the Federal Statistical Office showed that Switzerland's consumer price inflation slowed in January.

Consumer prices advanced 0.7 percent annually, slower than the 0.8 percent increase seen in December. The rate was forecast to remain unchanged at 0.8 percent.

Bouncing off from an early low of 150.01 against the yen, the pound climbed to 150.82. If the pound extends rise, 153.00 is seen as its next resistance level.

Looking ahead, the U.S. monthly budget statement for January is set for release in the New York session.

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