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Forex News: Pound Advances Against Majors

Pound Advances Against Majors

02/07/2024 - 08:10:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Wednesday, amid a decline in the U.S. dollar after the recent surge.

The recent rally in the dollar could be attributed to a slew of strong U.S. economic readings and hawkish comments from Federal Reserve officials.

Traders await the release of the U.S. trade data as well as speeches from FOMC members for more direction.

Bank of England Deputy Governor Sarah Breeden said that she is less concerned about further tightening and her focus is on "how long rates need to remain at their current level."

UK house prices increased for the fourth successive month in January, taking the annual growth rate to the highest level in a year, according to the results of a survey by Lloyds Bank subsidiary Halifax and S&P Global.

House prices grew 1.3 percent month-on-month in January, following a 1.1 percent gain in December.

The pound rose to a 5-day high of 1.2638 against the greenback and a 2-day high of 187.14 against the yen, off its early lows of 1.2586 and 186.18, respectively. The currency is poised to challenge resistance around 1.28 against the greenback and 188.00 against the yen.

The pound touched a 2-week high of 1.1028 against the franc and an 8-day high of 0.8519 against the euro, up from its previous lows of 1.0952 and 0.8540, respectively. The pound is seen finding resistance around 1.12 against the franc and 0.84 against the euro.

Looking ahead, U.S. and Canadian trade data for December and U.S. consumer credit for the same month will be published in the New York session.

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