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Forex News: Pound Strengthens Amid Risk Appetite

Pound Strengthens Amid Risk Appetite

03/15/2019 - 07:28:00 (RTTNews)

(RTTNews) - The pound climbed against its major opponents in the European session on Friday amid risk appetite, as Brexit-related worries eased and investors remained hopeful for a U.S.-China trade deal.

U.K. lawmakers approved a motion to delay the process of exiting from EU by at least three months, but decisively rejected a call for a second referendum.

Prime Minister Theresa May said Brexit could be delayed by three months to June 30 if MPs back her withdrawal deal in a vote next week.

If they reject her deal again then it is likely that she will seek a longer extension. But any delay has to be agreed by the 27 other EU member states.

EU leaders are meeting next Thursday, when they will consider Brexit delay.

The currency was trading lower against its major counterparts in the Asian session.

The pound climbed to 1.3333 against the franc, from a 2-day low of 1.3233 seen at 3:45 am ET. Next key resistance for the pound is seen around the 1.35 region.

Following a 2-day low of 1.3203 touched at 3:45 am ET, the pound reversed direction against the greenback and appreciated to 1.3278. Should the pound continues its uptrend, 1.34 is possibly seen as its next resistance level.

The pound edged up to 148.29 against the yen, after falling to 147.42 at 3:45 am ET. The pound is poised to find resistance around the 150.00 region.

The Bank of Japan left its monetary policy unchanged, as expected.

The board retained the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

The U.K. currency rebounded from an early 2-day low of 0.8575 against the euro with the pair trading at 0.8539. Further extension of the pound's move may see it seeking resistance around the 0.84 region.

Data from Eurostat showed that Eurozone inflation accelerated as expected in February, while the core price growth eased.

The harmonized inflation rose to 1.5 percent from January's 1.4 percent.

Looking ahead, Canada existing home sales for February and manufacturing sales for January, as well as New York Fed's manufacturing survey for March, U.S. industrial production for February and University of Michigan's preliminary consumer sentiment sentiment index for March are scheduled for publication in the New York session.

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