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Forex News: Pound Advances On Hopes Of Tory Election Win

Pound Advances On Hopes Of Tory Election Win

11/25/2019 - 07:43:00 (RTTNews)

(RTTNews) - The pound strengthened against its major opponents in the European session on Monday, as Conservatives enjoyed a solid lead in opinion polls, boosting hopes for a majority victory in the upcoming election on December 12.

The Opinium poll for the Observer showed a 19 point lead to the Tories, rising by 47 percent, while support for Labour was at 28 percent.

Boris Johnson launched his party's manifesto on Sunday and pledged to get Brexit "done" in January if he wins a majority.

Johnson promised tax cuts for wealthy, raise pensions, recruit more nurses and reduce migration.

The Distributive Trades survey from the Confederation of British Industry showed that UK retailers expect sales volume to grow in December as festive season begins.

The retail sales balance rose to -3 percent in November, the highest in seven months and above the expected level of -11 percent.

Sentiment lifted up after both Washington and Beijing made positive comments on the potential for a trade deal between them.

China has offered to raise penalties on intellectual property violations in an attempt to hammer out a partial trade deal with the United States.

U.S. national security adviser Robert O'Brien said an initial trade deal was still possible by the end of the year.

The currency held steady against its major counterparts in the Asian session, except the yen.

The pound appreciated to a 4-day high of 0.8547 against the euro from Friday's closing value of 0.8582. The pound is seen facing resistance around the 0.83 level.

Survey data from ifo institute showed that German business confidence rose to a four-month high in November, suggesting that the economy is set to continue to expand moderately in the fourth quarter.

The business confidence index rose to 95.0 in November from 94.7 in October. The reading was in line with expectations.

The pound edged higher to 1.2885 against the dollar, from a low of 1.2841 seen at 10:45 pm ET. Should the pound rises further, 1.30 is likely seen as its next resistance level.

Recovering from a low of 139.59 hit at 5:00 pm ET, the pound gained to 140.25 against the yen. The pound is likely test resistance around the 142.5 area.

Final data from the Cabinet Office showed that Japan's leading index remained unchanged in September after falling in the previous month.

The leading index, which measures the future economic activity, came in at 91.9 in September, same as in August. The initial estimate was 92.2.

The pound strengthened to a 4-day high of 1.2853 against the franc, after reaching as low as 1.2798 at 10:45 pm ET. Next key resistance for the pound is seen around the 1.31 mark.

Looking ahead, Canada wholesale sales for September will be released at 8:30 am ET.

For comments and feedback: contact editorial@rttnews.com

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