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Forex News: Pound Climbs As U.K., EU Agree On Brexit

Pound Climbs As U.K., EU Agree On Brexit Transition Deal

03/19/2018 - 08:29:00 (RTTNews)

(RTTNews) - The pound advanced against its major counterparts in the European session on Monday, after reports that the European Union reached a post-Brexit transitional deal, ahead of the EU summit due this week.

The transitional deal enables the U.K. to continue its membership of the Single Market and customs union until the end of 2020.

The EU announcement came ahead of the meeting between U.K. lead Brexit negotiator David Davis and the EU's negotiator Michel Barnier in Brussels later in the day.

According to the deal, Britain will continue to accept EU rules until the end of 2020, and remain under the jurisdiction of the European Court of Justice.

Data from property website Rightmove showed that house prices in London continued to decrease in March.

Home prices dropped 0.6 percent annually in March to GBP 631,651. Nonetheless, prices climbed 0.6 percent from February.

The pound showed mixed trading against its major rivals in the Asian session. While it held steady against the franc and the euro, it dropped against the yen and the greenback.

The pound climbed to a 3-week high of 1.4045 against the greenback, from a low of 1.3913 hit at 1:00 am ET. The next possible resistance for the pound is seen around the 1.43 level.

The pound strengthened to 1.3383 against the Swiss franc, its strongest since January 25. On the upside, 1.35 is seen as the next resistance level for the pound.

The pound advanced to near a 6-week high of 0.8754 versus the euro, after having fallen to 0.8817 at 5:00 pm ET. The pound is seen finding resistance around the 0.86 level.

Data from Eurostat showed that the Eurozone trade surplus declined to a three-month low in January as exports declined amid an increase in imports.

The trade surplus came in at seasonally adjusted EUR 19.9 billion versus a EUR 23.2 billion surplus in December. This was the lowest since October 2017.

The pound spiked up to a 5-day high of 149.05 against the yen, following a 10-day low of 147.05 hit at 1:00 am ET. If the pound rises further, 151.00 is likely seen as its next resistance level.

Preliminary figures from the Ministry of Finance showed that Japan's exports and imports grew more-than-expected in February.

The value of exports climbed 1.8 percent year-over-year in February, faster than the 1.4 percent rise economists had forecast.

Looking ahead, at 9:40 am ET, Atlanta Fed President Raphael Bostic speaks about the future of community development at the National Interagency Community Reinvestment Conference in Miami.

For comments and feedback: contact editorial@rttnews.com

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