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Forex News: Pound Firms On Brexit Delay Hopes

Pound Firms On Brexit Delay Hopes

09/05/2019 - 07:09:00 (RTTNews)

(RTTNews) - The pound was higher against its major counterparts in the European session on Thursday, as U.K. lawmakers passed a bill to avoid a no-deal Brexit in the Commons on Wednesday.

The proposed legislation, backed by opposition MPs and Tory rebels, was approved by 327 votes to 299.

The no-deal Brexit bill went to the House of Lords and is expected to clear all its stages on Friday.

The legislation forces the PM to ask for a Brexit extension from Brussels until January 31, except MPs approve a new deal, or vote on a no-deal Brexit, by October 19.

PM Boris Johnson suffered an overwhelming defeat on his motion calling for an early election on October 15.

The government lost control on Tuesday, when the cross-party alliance defeated PM in an effort to block a "no-deal" Brexit.

European stocks extended gains to hover near one-month highs, with easing political concerns and expectations of further easing measures by central banks helping underpin investor sentiment.

On the trade front, the United States and China have agreed to hold trade talks in Washington early next month in a bid to ease tensions in their rapidly escalating trade war.

The pound showed mixed trading against its major counterparts in the Asian session. While it rose against the yen and the franc, it fell against the greenback and the euro.

The pound climbed to 0.8950 against the euro, its strongest since July 26. The currency is likely to find resistance around the 0.88 level.

Data from Destatis showed that Germany's factory orders decreased more-than-expected in July.

Factory orders decreased 2.7 percent over the previous month in July, in contrast to an increase of revised 2.7 percent seen in June.

The pound advanced to more than 5-week highs of 1.2139 against the franc and 1.2347 against the greenback, from Wednesday's closing values of 1.2016 and 1.2252, respectively. The next possible resistance for the pound is seen around 1.25 against the franc and 1.27 against the greenback.

The U.K. currency appreciated to 131.59 versus the yen for the first time since August 1. On the upside, 136.5 is likely seen as the next resistance level for the pound.

Looking ahead, at 8:15 am ET, ADP private payrolls data for August is set for release.

In the New York session, U.S. weekly jobless claims for the week ended August 31, factory orders for July and ISM non-manufacturing composite index for August will be released.

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