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Forex News: Pound Climbs As BoE Bailey Downplays Effect Of

Pound Climbs As BoE Bailey Downplays Effect Of New Wave Of Cases

10/08/2020 - 06:12:00 (RTTNews)

(RTTNews) - The pound gained ground against its major trading partners in the European session on Thursday, after Bank of England Governor Andrew Bailey said that the second wave of coronavius infections would not have the same impact as the initial spike in spring.

The growing number of infections in the U.K. would dampen the fragile recovery, though less severe than the first one earlier this year, Bailey said in an interview with the Yorkshire Post.

Bailey added that the BoE is prepared to take more action if needed.

The BoE chief suggested that Britain and the European Union should be able to reach a trade agreement. "I do think it is in the interests of both sides - let's be blunt - to get an agreement," he told.

The pound appreciated to a 2-day high of 0.9070 against the euro, from a low of 0.9110 seen at 6:00 pm ET. The pound may test resistance around the 0.88 level, if it rises again.

The GBP/CHF pair hit a 6-day high of 1.1898. This followed a drop to 1.1825 at 5:45 pm ET. The currency is seen finding resistance around the 1.22 region.

Data from the State Secretariat for Economic Affairs showed that Switzerland's jobless rate dropped marginally in September.

The jobless rate fell to a seasonally adjusted 3.3 percent in September from 3.4 percent in August. Economists had expected a rate of 3.4 percent.

The pound strengthened to a 2-day high of 1.2970 against the dollar, after falling to 1.2907 at 5:45 pm ET. The pound is poised to face around resistance around the 1.31 region.

Extending early rally, the pound spiked up to a 2-day high of 137.41 versus the yen. On the upside, immediate resistance is possibly seen near the 141.00 region.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 2,102.8 billion yen in August, down 1.5 percent on year.

That exceeded expectations for a surplus of 1,983.7 billion yen following the 1,468.3 billion yen surplus in July.

On the economic front, at 7:30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held on September 9-10.

Canada housing starts for September and U.S. weekly jobless claims for the week ended October 3 will be released in the New York session.

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