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Forex News: Pound Climbs Amid Risk Appetite

Pound Climbs Amid Risk Appetite

06/21/2021 - 08:02:00 (RTTNews)

(RTTNews) - The pound appreciated against its major rivals in the European session on Monday, as European shares recouped its losses spurred by the U.S. Federal Reserve's hawkish policy outlook.

The U.S. yield curve flattened amid expectations that the Fed will act sooner to curb rising inflation pressures.

ECB President Christine Lagarde will speak before the European Parliament later in the day, with investors expecting no changes in monetary policy.

The ECB policymakers meeting had made "good progress" in developing its strategic goals on inflation and climate action, Lagarde said on Sunday.

The Bank of England's monetary policy announcement is due on Thursday. Markets will be watching for any shift in tone following the latest hawkish shift by the U.S. central bank last week.

Data from property website Rightmove showed that UK house prices increased to a new record high for the third consecutive month in June.

House prices increased by a moderate 0.8 percent month-on-month in June, which was slower than the 1.8 percent rise seen in May.

The pound rose to 0.8561 against the euro and 1.2795 against the franc, up from its early 5-day low of 0.8602 and a 4-day low of 1.2715, respectively. Immediate resistance for the pound is seen around 0.84 against the euro and 1.30 against the franc.

The pound edged up to 1.3888 against the greenback and 152.92 against the yen, after falling to more than a 2-month low of 1.3786 and a 1-1/2-month low of 151.31, respectively. The pound is likely to find resistance around 1.40 against the greenback and 154 against the yen.

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