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Forex News: Pound Strengthens Amid Risk Appetite On Hopes Of

Pound Strengthens Amid Risk Appetite On Hopes Of US-Mexico Deal

06/07/2019 - 05:24:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the early European session on Friday, as European shares rose amid growing hopes the U.S. and Mexico will agree a deal to avert new tariffs.

The Bloomberg reported that U.S. officials are considering delaying tariffs on Mexican imports to allow for further talks.

Investors await a crucial U.S. jobs report that could reinforce expectations of an interest rate cut in coming months.

The report is expected to show employment increased by 185,000 jobs in May after surging up by 263,000 jobs in April. The unemployment rate is expected to hold at 3.6 percent.

U.K. Prime Minister Theresa May will officially resign as the leader of the Conservative Party today, but will stay on as prime minister until a political successor is selected.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices increased at a slower pace in May.

House prices grew only 0.5 percent month-on-month in May after gaining 1.2 percent in April. Nonetheless, this was the second consecutive rise in prices and above the forecast of flat growth.

On a yearly basis, house prices increased 5.2 percent in three months to May compared to the 5 percent growth in three months to April. Economists had forecast the rate to remain steady at 5 percent.

U.K.'s hiring trends remained subdued amid Brexit-related uncertainty, the Report on Jobs by KPMG and Recruitment & Employment Confederation showed.

Permanent placement decreased further in April, while temporary billings grew at the slowest pace for over six years.

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

The pound advanced to 0.8856 against the euro, compared to 0.8880 hit late New York Thursday. If the pound rallies further, 0.86 is likely seen as its next resistance level.

The pound that closed yesterday's trading at 1.2688 against the greenback appreciated to 1.2722. The pound is seen finding resistance around the 1.28 region.

The U.K. currency climbed to 1.2639 against the franc, after dropping to 1.2575 at 5:00 pm ET. The next possible resistance for the pound is seen around the 1.28 level.

The pound firmed to 138.01 against the yen, setting a weekly high. The pound is likely to test resistance around the 139.00 level.

Looking ahead, U.S. and Canadian jobs data for May, U.S. wholesale inventories and consumer credit for April are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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