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Forex News: Pound Climbs After Starmer's Victory

Pound Climbs After Starmer's Victory

07/08/2024 - 11:16:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the New York session on Monday, as Labour leader Keir Starmer's landslide victory in last week's election secured political stability.

Starmer pledged to begin the work of change, the mission of national renewal and rebuild the country.

The Labor won 411 seats in the House Of Commons, while Conservative party got just 119 seats.

Meanwhile, investors grew more confident about a September U.S. rate cut following last week's softer-than-expected jobs data.

The U.S. Labour Department is due to release its reports on consumer and producer prices for June this week.

Upcoming Congressional testimony by Fed Chair Jerome Powell may also provide greater clarity on Fed's monetary policy path.

The pound touched 206.67 against the yen, its highest level since August 2008. If the currency rises further, it may find resistance around the 213.00 level.

The pound moved up to 1.1509 against the franc, from an early 6-day low of 1.1450. Next key resistance for the currency is seen around the 1.21 level.

The pound advanced to near a 2-week high of 0.8439 against the euro and near a 4-week high of 1.2844 against the greenback, off its early lows of 0.8460 and 1.2784, respectively. The next possible resistance for the pound is seen around 0.83 against the euro and 1.31 against the greenback.

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