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Forex News: Pound Climbs After U.K. PM May Begins Brexit

Pound Climbs After U.K. PM May Begins Brexit Process

03/29/2017 - 10:21:00 (RTTNews)

(RTTNews) - The pound strengthened against its most major counterparts in the European session on Wednesday, reversing early losses, after the U.K. Prime Minister Theresa May pulled the Brexit trigger and sought support from Britons to build a strong unified nation as she wants a smooth and orderly orderly exit from the European Union.

Speaking to the House of Commons, May said that the Brexit gives the opportunity to make decisions and laws by the government itself, enabling to build a better Britain and shape a brighter future.

"We will pursue a bold and ambitious free trade agreement with the European Union that allows for the freest possible trade in goods and services between Britain and the EU's member states," she told.

The government is aiming to deliver a smooth and orderly Brexit, planning to conclude negotiations with the EU in two years and then moving into a phased process of implementation which enables Britain, the EU institutions and member states to prepare the new arrangements between them.

May's speech coincided with the delivery of historic letter to European Council President Donald Tusk in Brussels, triggering the Article 50 of the Lisbon Treaty.

The currency suffered losses in the Asian session, as the investors focused on the formal move by the U.K. to leave the European Union.

The pound climbed to a 5-day high of 1.2428 against the franc, from near a 2-week low of 1.2284 hit at 8:00 pm ET. The next possible resistance for the pound-franc pair is seen around the 1.26 region.

In its Spring Forecast, the KOF Economic Institute said that Switzerland's economy is forecast to grow at a slightly slower pace this year.

The think tank projected 1.5 percent growth this year, instead of 1.6 percent estimated in December. For 2018, GDP was expected to climb 1.9 percent, unchanged from prior projection.

Following near a 2-week low of 0.8735 hit against the euro in the Asian session, the pound bounced off and was trading at 0.8654.The pound is poised to locate resistance around the 0.845 mark.

Figures from Destatis showed that Germany's import prices increased at the fastest pace in nearly six years in February.

Import prices climbed by more-than-expected 7.4 percent year-on-year in February, the highest rise since April 2011, when prices surged 7.6 percent.

The pound bounced off to 1.2475 against the greenback, from an early 8-day low of 1.2376. The pound is seen finding resistance around the 1.26 level.

On the flip side, the pound reversed from an early high of 138.51 against the yen and resumed fall, touching a 2-1/2-month low of 137.52. The next possible support for the pound is seen around the 136.00 area.

Looking ahead, Boston Fed President Eric Rosengren speaks on the economic outlook before members of the Boston Economic Club and Federal Reserve staff at 11:30 am ET.

European Central Bank Executive Board Member Peter Praet delivers speech at the "2017 Harvard Law Europe - US Symposium on International Financial Systems" in Frankfurt in 12:50 pm ET

San Francisco Fed President John Williams will speak on "From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes" before the Forecasters Club of New York at 1:15 pm ET.

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