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Forex News: Pound Appreciates On U.K. Reopening Optimism

Pound Appreciates On U.K. Reopening Optimism

07/07/2021 - 09:09:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Wednesday, as continued optimism over the lifting of virus restrictions in the U.K. and a stabilization in U.S. bond yields underpinned risk sentiment.

Prime Minister Boris Johnson on Monday announced plans to end lockdown on July 19, which includes removal of mandates to wear face masks and comply social distancing rules.

All restrictions on indoor or outdoor gatherings will end, while limits on numbers at weddings and funerals will be removed.

Instructions to work from home will be scrapped. A final decision will be announced on July 12.

European shares rose ahead of the Fed minutes due later in the day.

U.S. Treasury yields stabilized after a fall on Tuesday in the wake of a slowdown in U.S. service sector growth in June.

Weaker U.S. data tempered bets on a faster tightening of monetary policy.

Data from Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices dropped for the first time in five months in June as the government phases out stamp duty holiday.

House prices decreased 0.5 percent on a monthly basis in June, reversing a 1.2 percent rise in May. The property prices averaged GBP 260,358.

The pound rebounded from its early 5-day lows of 0.8583 against the euro and 1.2721 against the franc and rose to 0.8544 and 1.2776, respectively. If the pound continues its uptrend, 0.84 and 1.30 are possibly seen as its next resistance levels against the euro and the franc, respectively.

The pound edged up to 1.3842 against the greenback and 153.17 against the yen, off its prior low of 1.3777 and more than a 2-week low of 152.33, respectively. The pound is seen finding resistance around 1.40 against the greenback and 156.00 against the yen.

Looking ahead, the Fed minutes from the June 15-16 meeting are set for release at 2:00 pm ET.

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