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Forex News: Pound Higher On Brexit Optimism

Pound Higher On Brexit Optimism

10/05/2018 - 05:42:00 (RTTNews)

(RTTNews) - The pound gained ground against its major counterparts in early European deals on Friday, following media reports that the U.K. and the European Union are moving "very close" towards a Brexit deal.

The Times reported that British negotiators are considering a proposal that is aimed to keep the whole of the UK remaining in a customs union with the EU until a longer term solution can be found to avoid the return of a hard Irish border.

The European Council president Donald Tusk said he wanted to see "maximum progress" in the next two weeks.

Meanwhile, investors awaited the U.S. jobs report for additional clues on the pace of interest rate hikes from the Federal Reserve.

Data from the Lloyds bank subsidiary Halifax and IHS Markit showed that UK house prices dropped unexpectedly in September.

House prices decreased 1.4 percent in September from August, confounding expectations for an increase of 0.2 percent. This was also much bigger than the 0.2 percent drop posted in August.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the greenback and the euro, it declined against the yen. Against the franc, the currency rose.

The pound rose to 4-day highs of 1.3059 against the dollar and 148.76 against the yen, reversing from its early lows of 1.3003 and 148.08, respectively. The pound is poised to find resistance around 1.32 against the dollar and 150.00 against the yen.

The pound appreciated to 0.8814 against the euro, its strongest since July 9. This follows a low of 0.8847 touched at 12:45 am ET. The pound is seen finding resistance around the 0.87 level.

Figures from Destatis showed that Germany's factory orders rebounded on foreign demand in August.

Factory orders grew by more-than-expected 2 percent on month in August, reversing a 0.9 percent drop in July. Orders were forecast to rise 0.8 percent.

The U.K. currency advanced to more than a 2-month high of 1.2970 against the franc, from a low of 1.2898 seen at 5:00 pm ET. The pound is likely challenge resistance around the 1.32 area.

Looking ahead, U.S. and Canadian jobs data for September and U.S. and Canadian trade data for August, as well as U.S. consumer credit for August are slated for release in the New York session.

At 12:40 pm ET, Federal Reserve Bank of Atlanta President Raphael Bostic speaks at the Financial Literacy and Economic Education Conference in Atlanta.

For comments and feedback: contact editorial@rttnews.com

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