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Forex News: Pound Exhibits Strength Against Majors

Pound Exhibits Strength Against Majors

11/12/2021 - 06:37:00 (RTTNews)

(RTTNews) - The pound was higher against its major counterparts in the European session on Friday, as inflation fears appeared to be receding for time being.

Oil prices fell amid a strengthening dollar and as OPEC cut its oil demand outlook due to high prices.

The cartel said that a slowdown in the pace of recovery in the fourth quarter is likely to reduce demand.

Investors focus on talks between Brexit minister David Frost and the EU's chief Brexit negotiator Maros Sefcovic to reach an agreement on checks on goods moving from Great Britain to Northern Ireland.

Sefcovic added that the U.K. must take a step to ensure that the talks are meaningful.

The Chinese Communist Party has wrapped a four-day meeting that could lead to an unprecedented third term for President Xi Jinping.

The party passed an important resolution elevating President Xi's status to the level of the most important party figures to help secure his political future.

The pound rose to 1.3412 against the dollar and 152.92 against the yen, after touching near a 1-year low of 1.3353 and a 5-week low of 152.37, respectively in early trades. Next key resistance for the pound is seen around 1.37 against the dollar and 155.00 against the yen.

The pound firmed to a 2-day high of 0.8538 against the euro, from a low of 0.8567 set at 6:00 pm ET. The pound is seen finding resistance around the 0.84 level.

After dropping to 1.2297 at 5 pm ET, the pound edged up to 1.2366 against the franc. Should the pound rises further, 1.25 is possibly seen as its next resistance level.

Looking ahead, University of Michigan's preliminary consumer sentiment for November is scheduled for release in the New York session.

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