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Forex News: Pound Higher Against Majors

Pound Higher Against Majors

07/16/2018 - 07:16:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Monday, in reaction to comments from U.S. President Donald Trump, who indicated readiness to strike a deal with the U.K., if the latter finalizes its exit from the European Union.

In an interview with the Mail on Sunday, Trump said suggested that there could be a "great" trade deal between the US and UK after Brexit.

"We would make a great deal with the United Kingdom because they have product that we like. I mean they have a lot of great product. They make phenomenal things, you know."

European shares were mixed, as a raft of Chinese data proved to be a mixed bag. Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell's semi-annual congressional testimonies as well as U.S. President Donald Trump's highly anticipated meeting with Russian President Vladimir Putin for further direction.

Data from property tracking website Rightmove showed that the average asking price for a house in the United Kingdom was down 0.1 percent on month in July, coming in at 309,191 pounds.

On a yearly basis, house prices were up 1.4 percent - slowing from 1.7 percent in the previous month.

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

The pound advanced to 1.3267 against the franc, its strongest since June 15. The pound is seen finding resistance around the 1.34 level.

The U.K. currency that closed Friday's trading at 148.64 against the yen appreciated to near a 2-month high of 149.19. The next possible resistance for the pound is seen around the 151.00 level.

Reversing from an early low of 1.3225 against the greenback, the pound climbed to a 5-day high of 1.3274. If the pound continues its rise, 1.34 is possibly seen as its next resistance level.

The pound climbed to a 4-day high of 0.8821 against the euro, after having fallen to 0.8837 at 2:15 am ET. The pound is likely to find resistance around the 0.87 level.

Looking ahead, U.S. retail sales for June, business inventories for May, New York Fed's empire manufacturing data for July and Canada existing home sales for June are due in the New York session.

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