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Forex News: Pound Higher On Hopes Of Easing Lockdown Restrictions

Pound Higher On Hopes Of Easing Lockdown Restrictions

04/28/2020 - 07:34:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Tuesday, as several European countries started to ease the lockdown restrictions in an attempt to reopen their economies.

Italian Prime Minister Giuseppe Conte said lockdown measures would be relaxed from May 4 as the death toll dropped.

France and Spain are set to announce plans to lift strict coronavirus lockdowns today.

Markets are also looking to any sort of forward guidance from the U.S. Federal Reserve which issues a policy statement on Wednesday.

The European Central Bank meets on Thursday and it is likely that the central bank will leave its QE program unchanged.

The pound climbed to a 7-week high of 1.2205 against the franc and an 8-day high of 0.8689 against the euro, rebounding from its early lows of 1.2100 and 0.8722, respectively. The currency is seen finding resistance around 1.30 against the franc and 0.86 against the euro.

The pound firmed to near a 2-week high of 1.2507 against the dollar, after falling to 1.2404 at 2:15 am ET. The pound is likely to face resistance around the 1.30 region, if it gains again.

The pound recovered to 133.56 against the yen, following a decline to 132.99 at 2:45 am ET. On the upside, 138.00 is likely seen as its next resistance level.

Looking ahead, U.S. wholesale inventories for March, S&P/Case-Shiller home price index for February and consumer confidence index for April will be featured in the New York session.

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