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Forex News: Pound Strengthens On Brexit Optimism

Pound Strengthens On Brexit Optimism

09/20/2019 - 04:26:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the pre-European session on Friday, as overnight comments from European Commission President Jean-Claude Juncker raised hopes that a Brexit deal could be done by the October 31 deadline.

In an interview with Sky News, Juncker said that a deal is possible and he was doing "everything to get a deal"

No-deal Brexit would have "catastrophic consequences" for at least one year, he cautioned.

Juncker told that he did not have "an erotic relation" to the Irish backstop.

If the U.K. come up with alternative arrangements to the backstop, he was prepared to remove it from the withdrawal deal.

U.K. Brexit minister Steve Barclay is scheduled to meet EU's chief negotiator Michel Barnier in Brussels today.

The pound strengthened to 1.2582 against the greenback, its biggest since July 5. The next possible resistance for the pound is seen around the 1.27 level.

The pound that closed Thursday's trading at 135.25 against the yen firmed to more than a 2-month high of 135.75. The pound is poised to find resistance around the 145.00 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.3 percent on year in August.

That was in line with expectations and slowing from 0.5 percent in July - moving further away from the Bank of Japan's target range of 2.0 percent.

The pound appreciated to a 2-day high of 1.2474 against the franc from Thursday's closing value of 1.2432. If the pound rises further, it may find resistance around the 1.28 level.

The U.K. currency firmed to 0.8786 against the euro for the first time since May 22. The pound is seen finding resistance around the 0.86 mark.

Looking ahead, Canada retail sales for July are due in the European session.

Eurozone flash consumer sentiment index for September will be out at 10:00 am ET.

At 11:20 am ET, Federal Reserve Bank of Boston President Eric Rosengren will give a speech about the credit cycle at an event hosted by New York University.

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