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Forex News: Pound Higher Ahead Of U.K. PM May And

Pound Higher Ahead Of U.K. PM May And Corbyn Meeting

01/30/2019 - 07:16:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Wednesday, as traders await meeting between U.K. Prime Minister Theresa May and opposition leader Jeremy Corbyn to discuss Brexit, after MPs supported a plan to renegotiate her Brexit deal.

May and Corbyn will hold Brexit talks in Number 10 Downing Street this afternoon about the way the negotiations should go forward so as to resolve the impasse.

The development come after U.K. Parliament approved an amendment tabled by Sir Graham Brady by 317 votes to 301 to change the backstop plan from the divorce deal agreed with the EU.

But EU leaders ruled out renegotiation to withdrawal agreement.

"The backstop is part of the withdrawal agreement, and the withdrawal agreement is not open for re-negotiation. The December European Council conclusions are very clear on this point," Donald Tusk said in a statement.

Data from the Bank of England showed that U.K. mortgage approvals dropped slightly in December, suggesting a slowdown in housing market.

The seasonally adjusted number of mortgages approved for house purchase fell slightly to 63,793 from 63,952 in November. Economists had forecast 63,000 approvals.

The currency has been trading moderately higher against its major counterparts in the Asian session.

The pound rose to 0.8715 against the euro, after falling to 0.8753 at 6:30 pm ET. The pound is seen finding resistance around the 0.86 region.

Having dropped to 1.3060 against the greenback at 5:00 pm ET, the pound reversed direction and appreciated to 1.3122. The pound is poised to target resistance around the 1.325 mark.

The pound strengthened to 1.3068 against the Swiss franc, from a 6-day low of 1.2984 hit at 5:15 pm ET. If the pound rises further, 1.33 is possibly seen as its next resistance level.

The U.K. currency advanced to 143.48 against the Japanese yen, following a decline to 142.75 at 5:00 pm ET. The next possible resistance for the pound is seen around the 146.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales rose a seasonally adjusted 0.9 percent on month in December.

That exceeded expectations for an increase of 0.4 percent following the downwardly revised 1.1 percent decline in November

Looking ahead, at 8:15 am ET, U.S. ADP private payrolls for January is scheduled for release.

In the New York session, U.S. pending home sales for December will be out.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 2.50 percent.

For comments and feedback: contact editorial@rttnews.com

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