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Forex News: Pound Climbs Amid Rumors Of Brexit Concession To

Pound Climbs Amid Rumors Of Brexit Concession To May

08/09/2018 - 09:37:00 (RTTNews)

(RTTNews) - The pound advanced against its major counterparts in the European session on Thursday, reversing early losses, after media reports showed that European leaders are willing to grant major concession in Brexit deal by permitting to stay in the single market for goods while ending the free movement of people.

Reports suggested that EU member states are mulling a deal to let the U.K. remain in the single market and terminate free movement, if it accepts new EU rules for years to come.

Member states are likely to propose that UK replicated all environmental, social, and customs rules in return for such a deal, reports said.

Survey by the Royal Institution of Chartered Surveyors showed that UK rentals are expected to increase 15 percent over the next five years on weaker supply.

Over the coming twelve months, an increase of about 2 percent in rentals is expected. Respondents observed that small landlords are quitting the rental sector due to tax changes.

The currency was lower against its major counterparts in the Asian session.

The pound climbed to 0.8986 against the euro, from a 10-month low of 0.9030 seen at 9:15 pm ET. The pound is poised to find resistance around the 0.88 level.

Having fallen to near a 1-year low of 1.2842 against the greenback at 3:30 am ET, the pound reversed direction and advanced to 1.2912. The next likely resistance for the pound is seen around the 1.32 level.

The pound advanced to 143.50 against the yen, after falling to more than an 11-month low of 142.35 at 9:15 pm ET. The pound is seen finding resistance around the 146.00 area.

Data from the Bank of Japan showed that Japan's M2 money stock rose 3.0 percent on year in July, coming in at 1,007.5 trillion yen.

That was shy of expectations for an increase of 3.1 percent, which would have been unchanged from the June reading.

The pound reversed from an early more than 10-month low of 1.2769 against the franc, rising to 1.2818. On the upside, 1.27 is possibly seen as the next resistance level for the pound.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate remained unchanged in July.

The jobless rate held steady at seasonally adjusted 2.6 percent in July, in line with expectations.

Looking ahead, U.S. wholesale inventories for June are due at 10:00 am ET.

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