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Forex News: Pound Extends Rally On U.K. PM's Proposal To

Pound Extends Rally On U.K. PM's Proposal To Protect EU Citizens In U.K.

06/23/2017 - 06:12:00 (RTTNews)

(RTTNews) - The pound extended its early rally against its major counterparts in early European deals on Friday, after the U.K. Prime Minister Theresa May unveiled offer to let EU citizens reside in U.K after the Brexit and the Bank of England's outgoing MPC member Kristin Forbes saw "some urgency" in tightening monetary policy.

In Brussels summit, May made a "fair offer" to protect the future rights of EU citizens, granting a new settled status to those citizens who had lived in the UK for five years.

Around 3 million EU citizens currently living in the UK would be allowed to remain and secure rights on healthcare, education and benefits as per May's proposal.

Speaking to the London School of Business, Forbes said that the UK economy appears to "overstimulated" and the monetary policy has been set too loosely.

This is not an economy that is too weak to support an increase in interest rates. The UK is clearly outperforming or close to equilibrium by every measure except wage growth, she added.

Survey figures from IHS Markit and Knight Frank showed that British households perceived that the value of their home increased in June, albeit at a slower rate than in the previous month.

The Knight Frank/Markit House Price Sentiment Index, or HPSI, declined to 53.3 in June. Any figure over 50 indicates that prices are rising.

The currency has been trading in a positive territory in the Asian session.

The pound climbed to 3-day highs of 1.2744 against the dollar and 141.89 versus the yen, from Thursday's closing values of 1.2683 and 141.18, respectively. Continuation of the pound's uptrend may see it challenging resistance around 1.30 against the greenback and 144.00 against the yen.

The pound that closed Thursday's trading at 1.2324 against Swiss franc climbed to a 2-day high of 1.2367. If the pound-franc pair extends rise, 1.27 is likely seen as its next resistance level.

The pound firmed to a 3-day high of 0.8766 against the euro, compared to 0.8792 hit late New York Thursday. The pound is poised to target 0.86 as the next resistance level.

Flash survey data from IHS Markit showed that the euro area private sector grew at the slowest pace in five months in June.

The composite output index fell to 55.7 in June from a joint six-year high of 56.8 in May. The score was forecast to drop moderately to 56.6.

Looking ahead, Canada CPI and U.S. new home sales for May are due in the New York session.

At 2:15 pm ET, Federal Reserve Governor Jerome Powell gives a speech titled "Central Clearing and Liquidity" at the Federal Reserve Bank of Chicago Symposium on Central Clearing.

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