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Forex News: Pound Advances Amid Risk Appetite

Pound Advances Amid Risk Appetite

06/02/2022 - 06:52:00 (RTTNews)

(RTTNews) - The pound climbed against its major rivals in the European session on Thursday, as European stocks rebounded despite lingering concerns about a slowdown in global economic growth.

The Financial Times reported on Wednesday that Saudi Arabia is willing to raise its oil production, if output from Russia drops substantially amid Western sanctions.

Oil prices fell following the report and ahead of a meeting of the Organization of the Petroleum Exporting Countries and their allies that is expected to confirm a modest increase in output for July.

A fall in the U.S. dollar ahead of ADP private payrolls data further underpinned the currency.

U.K. stock market remain closed on account of Queen Elizabeth's Platinum Jubilee to mark her record-setting 70 years on the throne.

The pound climbed to 1.2551 against the greenback and 0.8516 against the euro, following its previous lows of 1.2469 and 0.8543, respectively. The currency is likely to find resistance around 1.29 against the greenback and 0.82 against the euro.

The pound rose to 162.95 against the yen and 1.2054 against the franc, up from an early low of 162.11 and a 1-1/2-year low of 1.1972, respectively. Next likely resistance for the pound is seen around 165.00 against the yen and 1.22 against the franc.

Looking ahead, U.S. ADP private payrolls data for May is scheduled for release at 8:15 am ET.

Canada building permits for April, U.S. weekly jobless claims for the week ended May 28 and factory orders for April will be released in the New York session.

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