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Forex News: Pound Higher On Recovery Hopes

Pound Higher On Recovery Hopes

01/07/2021 - 07:47:00 (RTTNews)

(RTTNews) - The pound moved up against its most major counterparts in the European session on Thursday, as a Democratic sweep in U.S. Senate runoff elections in Georgia will enable the Biden administration a greater scope of achieving its agenda.

Democratic candidates Raphael Warnock and Jon Ossoff defeated Republican challengers Kelly Loeffler and David Perdue, respectively in the state of Georgia.

With the victory, the Democrats will have 50 seats in the Senate, the upper house of Congress. And a tie-breaking vote from Vice President-elect Harris would give them control of the Senate.

This gives President-elect Joe Biden a greater scope of pursuing fiscal stimulus being sworn in on January 20.

In another development, U.S. President Donald Trump announced that he is committed to an "orderly" transfer of power to Joe Biden on January 20. Trump's remarks after the U.S. Congress certified the election victory of Joe Biden and Kamala Harris in the November 3 election.

The pound spiked up to 3-day highs of 1.2015 against the franc and 140.91 against the yen, after dropping to 1.1934 and 140.09, respectively in early deals. The next possible resistance for the pound is seen around 1.21 against the franc and 142.00 against the yen.

Reversing from a low of 0.9077 set at 9:15 pm ET, the pound gained to 0.9016 against the euro. The currency may test resistance around the 0.88 region.

Preliminary data from Eurostat showed that Eurozone's headline inflation and core price growth was unchanged in December.

The harmonized consumer price index, or HICP, dropped 0.3 percent year-on-year, same as in November. Economists had forecast a 0.2 percent fall.

In contrast, the pound was down at 1.3557 against the greenback, after a rise to 1.3633 at 7:00 pm ET. On the downside, 1.31 is likely seen as its next support level.

Looking ahead, U.S. and Canadian trade data for November, Canada Ivey PMI for December, U.S. weekly jobless claims for the week ended January 2 and ISM non-manufacturing PMI for December will be released in the New York session.

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