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Forex News: Pound Strengthens On Extension To Brexit

Pound Strengthens On Extension To Brexit

03/22/2019 - 09:00:00 (RTTNews)

(RTTNews) - The pound was higher against its key counterparts in the European session on Friday, as investors continued to cheer the news of Brexit extension by the European Union, instead of the previous deadline on March 29.

EU leaders granted a short extension to Brexit following late night talks in Brussels, allowing the U.K. to delay Brexit until April 12 to decide a new path.

If May's Brexit deal secures Parliamentary approval next week, the EU agreed to delay the Brexit date until May 22.

If MPs reject the deal, then they can decide whether to request a long extension and vote in the European elections or leave without a deal on April 12.

Meanwhile, European shares fell as weak euro zone data rekindled growth worries.

Investors looked ahead to a new round of high-level U.S.-China trade negotiations beginning in Beijing next week.

The currency has been trading in a positive territory against its major counterparts in the Asian session.

The pound advanced to a 2-day high of 0.8586 against the euro, from a low of 0.8683 hit at 5:00 pm ET. On the upside, 0.84 is likely seen as the next resistance for the pound.

Flash data from IHS Markit showed that Eurozone private sector expanded at the slowest pace in two months in March amid a deepening downturn in manufacturing, defying expectations for a modest improvement.

The flash Eurozone Composite Purchasing Managers' Index rose to a two-month low of 51.3 from 51.9 in February. Economists had forecast a score of 52.

The pound was trading higher at 1.3155 against the greenback, compared to 1.3102 hit late New York Thursday. The pound is seen finding resistance around the 1.33 region.

The pound rebounded to 145.39 against the Japanese yen, from a low of 144.54 hit at 5:15 am ET. The pound is poised to find resistance around the 147.00 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan inflation rose 0.2 percent on year in February. That was shy of expectations for an increase of 0.3 percent and unchanged from the January reading.

Core inflation, which excludes volatile food prices, advanced an annual 0.7 percent - again missing expectations for 0.8 percent, which would have been unchanged.

The U.K. currency appreciated to 1.3100 against the Swiss franc, after having dropped to 1.2986 at 5:00 pm ET. Next key resistance for the pound is seen around the 1.32 level.

Looking ahead, the U.S. existing home sales for February, wholesale inventories for January and Markit's services PMI for March will be out shortly.

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