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Forex News: Pound Extends Rise Amid BoE Carney's Testimony

Pound Extends Rise Amid BoE Carney's Testimony

12/20/2017 - 09:53:00 (RTTNews)

(RTTNews) - The pound continued to be higher against its major counterparts in early New York deals on Wednesday, after the Bank of England Governor Mark Carney said that teaming with the U.K. is in best interests of EU and global financial systems.

Speaking to the Treasury Select Committee, the BoE chief said that the European Banks operating in the U.K. would face costly extra capital requirements, if Brexit talks worsen.

"Our presumption is that we will continue to have supervisory cooperation with EU after Brexit," he told lawmakers.

An early agreement should be reached on the U.K.'s transition out of the EU, he added.

The International Monetary Fund welcomed the recent progress in Brexit negotiations between the UK and EU and cautioned that the timeframe to accomplish the tasks was ambitious.

Early agreement on a transition period would avoid a cliff edge exit in March 2019 and reduce the uncertainty facing firms and households, the IMF staff said concluding the Article IV Mission.

Survey results from the Confederation of British Industry showed that UK retail sales sustained its robust growth trend in the run-up to Christmas and is expected to repeat the same next month, but underlying conditions remained tough as the squeeze on earnings continue.

The retail sales balance dropped to +20 in December from +26 in November. That was less than the +30 balance predicted in the previous survey, but in line with economists' expectations.

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

The pound climbed to a 2-day high of 1.3419 against the greenback, from a low of 1.3377 hit at 2:00 am ET. If the pound extends rise, 1.36 is likely seen as its next resistance level.

The pound spiked up to a 9-day high of 152.01 against the yen, compared to Tuesday's closing value of 151.08. Further uptrend may see the pound challenging resistance around the 153.00 region.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity increased as expected in October, after falling in the previous month.

The all industry activity index rose 0.3 percent month-over-month in October, reversing a 0.5 percent decrease in September.

The pound that closed Tuesday's trading at 1.3180 against the franc rose to a 2-day high of 1.3258. On the upside, 1.35 is possibly seen as the next resistance for the pound.

The pound rose back to 0.8829 against the euro, following a decline to 0.8856 at 3:30 am ET. The next possible resistance for the pound is seen around the 0.86 mark.

Data from Destatis showed that Germany's producer price inflation eased to the lowest level in four months in November.

Producer price inflation slowed to 2.5 percent in November from 2.7 percent in October. This was the lowest since July, when prices climbed 2.3 percent and also slower than the expected growth of 2.6 percent.

Looking ahead, U.S. existing home sales for November are set for release shortly.

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