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Forex News: Pound Up As UK Opposition Parties To Prevent

Pound Up As UK Opposition Parties To Prevent No-deal Brexit Using Legislation

08/27/2019 - 10:54:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Tuesday, after the leaders of the opposition parties of the U.K. agreed to act together to try and prevent a no-deal Brexit, including the possibility of passing legislation.

In a joint statement, the leaders said that they would find practical ways to prevent no-deal, including the possibility of passing legislation and a vote of no confidence.

The leaders agreed to oppose Johnson's plans to suspend parliament to force through a no deal when Parliament will return from its recess next week.

The cross-party talks were hosted by Labour leader Jeremy Corbyn with the Scottish National Party, the Liberal Democrats, the Green Party and the Independent Group today morning.

Boris Johnson and the European Commission president Jean-Claude Juncker will speak today to discuss about Brexit deal.

European stocks were mixed as coalition talks continued in Italy and investors awaited further clarity on the Trump administration's future approach to the U.S.-China trade war.

Italy's anti-establishment Five Star Movement suspended talks on forming a new ruling coalition with the opposition Democratic Party, insisting it would end talks unless Giuseppe Conte can remain prime minister.

Data from UK Finance showed that UK mortgage approvals rose to its highest level in two-and-a-half years in July.

The number of loans approved for house purchase by high street banks rose 10.6 percent year-on-year to a seasonally adjusted 43,342 in July, which was the highest figure since early 2017. In June, approvals were 43,775.

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

The pound climbed to 1.2310 against the greenback, its strongest since July 29. The next possible resistance for the pound is seen around the 1.26 mark.

The pound strengthened to a 4-day high of 130.39 against the yen, from Monday's closing value of 129.64. The pound is seen finding resistance around the 133.00 level.

Data from the Bank of Japan showed that Japan producer prices rose 0.1 percent on month in July - in line with expectations following the 0.1 percent decline in June.

On a yearly basis, producer prices gained 0.5 percent - shy of expectations for an increase of 0.6 percent and down from 0.7 percent in the previous month.

The pound firmed to near a 4-week high of 1.2091 versus the franc, compared to 1.1955 hit late New York Monday. The pound is likely to challenge resistance around the 1.25 mark.

The pound appreciated to a new 4-week high of 0.9016 versus the euro from yesterday's closing value of 0.9084. The pound may face resistance around the 0.88 level, if it rises again.

Data from Destatis showed that Germany's economy contracted slightly, as initially estimated, in the second quarter.

Gross domestic product shrank 0.1 percent sequentially in the second quarter, reversing the first quarter's 0.4 percent expansion. This was the first fall in three quarters and matched the initial estimate.

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