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Forex News: Pound Advances As European Stocks Rise

Pound Advances As European Stocks Rise

01/04/2022 - 06:21:00 (RTTNews)

(RTTNews) - The pound climbed against its key counterparts in the European session on Tuesday, as investors shrugged off economic risks from the spread of the Omicron variant of the coronavirus.

European stocks edged higher on hopes that the global economy can weather the new wave of infections caused by the Omicron variant.

Oil prices rose ahead of a meeting of the Organisation of the Petroleum Exporting Countries and its allies to discuss its existing plan to boost output in February.

The alliance is expected to proceed with its plan to increase output by 400,000 barrels per day.

Data from the British Retail Consortium showed that UK shop prices grew at a faster pace in December.

Shop prices climbed 0.8 percent on a yearly basis in December, following a 0.3 percent gain in November, which was the first rise in two-and-a-half years.

Data from the Bank of England showed that UK mortgage approvals declined to the lowest level in more than a year in November, while consumer credit increased at a faster pace.

The number of mortgages approved in November declined to 66,964 from 67,103 in the previous month. This was the lowest since June 2020. The expected level was 65,400.

The pound was up at more than a 2-month high of 156.60 against the yen and near a 2-year high of 0.8361 against the euro, off its prior lows of 155.22 and 0.8395, respectively. The pound is likely to find resistance around 160.00 against the yen and 0.82 against the euro.

The pound touched near a 6-week high of 1.2413 against the franc, rising from a low of 1.2358 hit at 1:15 am ET. Immediate resistance for the pound is seen around the 1.26 level.

The pound reached as high as 1.3514 against the greenback, up from a low of 1.3459 it logged at 1:15 am ET. Next near term resistance for the pound is likely seen around the 1.38 level.

Looking ahead, Canada industrial product price index for November and U.S. ISM manufacturing PMI for December are set for release in the New York session.

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