Forex News: Pound Climbs Amid Risk Appetite

Pound Climbs Amid Risk Appetite

(RTTNews) - The pound strengthened against its major counterparts in the European session on Monday, as European stocks advanced ahead of a busy week of earnings, economic data releases and central bank meetings.

The Federal Reserve, Bank of Japan and Bank of England all are set to announce their monetary policy decisions this week.

On the earnings front, Apple will unveil its financial results on Thursday after the U.S. closing bell.

The U.S. jobs report due out on Friday is expected to show that employers slowed their hiring pace last month, following robust payroll increases earlier in the year.

Meanwhile, investors shrugged off official data showing that Germany's economy shrank slightly in the third quarter.

GDP fell by 0.1 percent sequentially in adjusted terms, the federal statistics office said.

The pound edged up to 1.2141 against the greenback and 181.79 against the yen, from an early 4-day low of 1.2089 and near a 4-week low of 180.76, respectively. The pound is seen finding resistance around 1.24 against the greenback and 186.00 against the yen.

The pound touched 1.0974 against the franc, setting nearly a 2-week high. Next key resistance for the currency may be located around the 1.14 level.

In contrast, the pound weakened against the euro, touching a 4-day low of 0.8730. The currency is poised to challenge support around the 0.84 level.

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