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Forex News: Pound Climbs Amid Risk Appetite

Pound Climbs Amid Risk Appetite

03/26/2018 - 05:16:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in early European deals on Monday amid risk appetite, as fears over a trade war eased after news that United States and China have began talks for refining access of American goods to China.

The Wall Street Journal reported that U.S. Treasury Secretary Steven Mnuchin and U.S. trade representative Robert Lighthizer are engaged in talks with Liu He, China's economic czar in Beijing, for vast areas from financial services to manufacturing.

Investors now expect the U.S. trade policy to be more selective and tactical than first feared to give Washington leverage in pushing for big changes.

Survey data from the latest Confederation of British Industry and PricewaterhouseCoopers showed that optimism in the financial services sector fell for the fourth consecutive quarter at the start of 2018.

About 7 percent of firms said they were more optimistic about the overall business situation compared with three months ago, whilst 24 percent were less optimistic, giving a balance of -17 percent, the Financial Services Survey revealed.

The currency rose against its major counterparts in the Asian session, with the exception of the euro.

The pound firmed to 0.8722 against the euro, from a low of 0.8742 hit at 8:45 pm ET. The next possible resistance for the pound is seen around the 0.86 level.

The pound hit 4-day highs of 1.3446 against the Swiss franc and 149.18 against the yen, reversing from early lows of 1.3371 and 147.88, respectively. If the pound rises further, 1.37 and 153.00 are likely seen as its next resistance levels against the Swiss franc and the yen, respectively.

The pound rose to a 4-day high of 1.4199 against the greenback, off an early low of 1.4131. The pound is seen finding resistance around the 1.43 region.

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