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Forex News: Pound Climbs After U.K. Brexit Minister David Davis'

Pound Climbs After U.K. Brexit Minister David Davis' Resignation

07/09/2018 - 08:44:00 (RTTNews)

(RTTNews) - The pound drifted higher against its major opponents in the European session on Monday, as the resignation of Brexit Secretary David Davis raised hopes for a softer Brexit deal with the European Union.

In a letter to Prime Minister Theresa May, Davis said that the government's proposals for close trade and customs ties would leave the U.K. in "at best a weak negotiating position, and possibly an inescapable one."

Investors interpreted Davis departure as an indication that a soft Brexit has become more likely.

The resignation come two days after the cabinet approved a plan to maintain close trade ties with the EU.

European stocks advanced as strong U.S. jobs data released last week coupled with encouraging data releases from Germany and France helped boost investor confidence in the global economy.

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

The pound advanced to 1.3190 against the franc, its strongest since June 19. On the upside, 1.33 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 declined marginally in June. The jobless rate dropped to a seasonally adjusted 2.6 percent in June from 2.7 percent in May. The rate was forecast to drop to 2.5 percent.

The pound that closed last week's trading at 1.3286 against the greenback firmed to more than a 4-week high of 1.3363. The next possible resistance for the pound is seen around the 1.35 level.

The U.K. currency spiked up to 147.56 against the yen, its highest since June 14. This may be compared to a low of 146.60 seen at 9:15 pm ET. The pound is seen finding resistance around the 150.00 level.

Survey figures from the Cabinet Office showed that a measure of peoples' assessment of the Japanese economy improved in June, in line with expectations.

The current index of Economy Watchers' survey rose to 48.1 in June from 47.1 in May.

The pound rose back to 0.8814 against the euro, from a low of 0.8850 hit at 10:30 pm ET. This is closer to a 4-day high of 0.8812 touched at the commencement of today's trading. The pound is likely to find resistance around the 0.87 level.

Figures from Destatis showed that Germany's exports rebounded in May, while growth in imports slowed from April.

Exports grew by more-than-expected 1.8 percent on a monthly basis in May, reversing a 0.3 percent drop in April. Shipments were expected to gain only 0.7 percent.

Looking ahead, at 9:00 am ET, the European Central Bank President Mario Draghi testifies about the economy, monetary policy, and virtual currencies before the European Parliament Economic and Monetary Affairs Committee, in Brussels.

For comments and feedback: contact editorial@rttnews.com

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