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Forex News: Euro, Pound Advance On Progress In Debt Ceiling

Euro, Pound Advance On Progress In Debt Ceiling Talks

05/15/2023 - 10:06:00 (RTTNews)

(RTTNews) - The euro and the pound firmed against their major counterparts in the European session on Monday, as U.S. debt ceiling jitters eased following President Joe Biden's remarks that he is hopeful of reaching a deal to raise the borrowing limit.

Biden, who is planning to meet with congressional leaders on Tuesday, said he remained optimistic about an eventual agreement on raising the government's $31.4 trillion borrowing limit.

Deputy Treasury Secretary Wally Adeyemo said on Sunday that the two sides are engaged in constructive talks.

Lael Brainard, a former Federal Reserve vice chair, told CBS on Sunday that debt-ceiling negotiations are ongoing in a constructive manner.

The leaders are planning to meet on Tuesday after "productive" staff-level discussions over the weekend.

The euro edged up to 0.9753 against the franc and 1.0880 against the greenback, off its early lows of 147.18 and 1.0844, respectively. The euro may find resistance around 0.99 against the franc and 1.12 against the greenback.

The euro climbed to a 5-day high of 148.16 against the yen, from an early low of 147.18. The euro is seen finding resistance around the 150.00 level.

In contrast, the euro was down against the kiwi and the loonie, at 1.7455 and 1.4675, respectively. The euro may locate support around 1.72 against the kiwi and 1.44 against the loonie.

The euro touched 1.6248 against the aussie, setting a 4-day low. If the euro slides further, 1.60 is possibly seen as its next support level.

The pound touched 170.42 against the yen, its highest level since May 10. Immediate resistance for the currency is seen around the 173.00 level.

The pound advanced to 4-day highs of 0.8691 against the euro and 1.1214 against the franc, off its early lows of 0.8718 and 1.1160, respectively. The pound is likely to find resistance around 0.83 against the euro and 1.15 against the franc.

The pound was higher against the greenback, at 1.2520. On the upside, 1.27 is possibly seen as its next resistance level.

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