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Forex News: Pound Appreciates On Recovery Hopes

Pound Appreciates On Recovery Hopes

02/02/2021 - 06:35:00 (RTTNews)

(RTTNews) - The pound firmed against its major counterparts in European deals on Tuesday, as a faster pace of the U.K. vaccine rollout spurred hopes of a quick recovery.

The upbeat market mood and receding speculation over negative rates in the near term also underpinned the currency.

Stimulus worries eased after U.S. Senator Susan Collins said a group of Republican U.S. senators held productive discussions with Democratic President Joe Biden about Covid-19 relief.

There were areas of agreement in the White House meeting, while "the president also reiterated his view that Congress must respond boldly and urgently," White House Press Secretary Jen Psaki said.

Market participants focus on the Bank of England's monetary policy decision on Thursday, when it will also publish its findings on negative interest rates.

Data from the Nationwide Building Society showed that U.K. house prices growth slowed in January for the first time in six months.

House prices climbed 6.4 percent on a yearly basis, but weaker than the 7.3 percent increase logged in December. Economists had forecast an annual growth of 6.9 percent.

The pound spiked up to 0.8795 against the euro, its highest since May 2020. On the upside, 0.86 is possibly seen as its next resistance level.

The pound bounced off from a 4-day low of 143.26 against the yen, with the pair trading at 143.77. The pound may test resistance around the 145.00 level.

The pound edged up to 1.2283 against the franc from Monday's close of 1.2249. If the pound rises further, 1.24 is possibly seen as its next resistance level.

In contrast, the pound gave up some of its early gains against the greenback and was trading at 1.3677. The pound is poised to target support around the 1.34 level.

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