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Forex News: Pound Higher On Risk Appetite

Pound Higher On Risk Appetite

01/29/2020 - 06:03:00 (RTTNews)

(RTTNews) - The pound was notably higher against its most major counterparts during the European morning session on Wednesday, as European stocks rose despite lingering concerns about the rapidly spreading Coronavirus.

Chinese officials confirmed nearly 6,000 cases of the mysterious illness as foreign governments began airlifting their citizens out of Wuhan.

Traders awaited the Bank of England's monetary policy decision amid expectations to keep interest rate on hold given signs of improvement in the economy.

Economists expect the bank to maintain its benchmark interest rate at 0.75 percent and the quantitative easing at GBP 435 billion.

Thursday's meeting will be Governor Mark Carney's final chairing as head of the BoE.

The central bank is set to announce the outcome as well as release the minutes of the meeting at 7 am ET Thursday.

Traders awaited the developments on the Brexit, which is set to happen this Friday.

Data from Nationwide Building Society showed that UK house prices increased at a faster pace in January.

House prices grew 1.9 percent year-on-year in January, following a 1.4 percent rise in December. Prices were expected to gain 1.5 percent. A similar faster growth was last reported in November 2018.

The pound traded mixed against its major counterparts in the Asian session. While it held steady against the greenback and the euro, it rose against the yen and the franc.

The pound rebounded to 1.3026 against the greenback, from a low of 1.3004 set at 3:00 am ET. The next likely resistance for the pound is seen around the 1.32 level.

The pound appreciated to a 2-day high of 1.2691 against the franc, after dropping to 1.2658 at 3:00 am ET. If the pound rises further, 1.29 is seen as its next resistance level.

The pound edged up to 0.8447 against the euro, from Tuesday's closing value of 0.8458. The pound may face resistance around the 0.83 level.

Data from the European Central Bank showed that Eurozone broad money supply grew at a slower pace in December and private sector credit growth accelerated.

The broad monetary aggregate, M3 increased 5 percent in December from last year, but slower than the 5.6 percent rise in November.

In contrast, the pound dropped to 141.82 against the yen, from a high of 142.35 seen at 5:45 pm ET. On the downside, 138.00 is possibly seen as the next support level for the pound.

Data from the Cabinet Office showed that Japan's consumer confidence remained unchanged in January.

On a seasonally adjusted basis, the consumer confidence index remained unchanged at 39.1 in January. Economists had expected a score of 39.5.

Looking ahead, U.S. wholesale inventories, advance goods trade data and pending home sales for December are due in the New York session.

The Federal Reserve announces its interest rate decision at 2:00 pm ET. Economists widely expect the central bank to keep benchmark rate in a range of 1.50 percent to 1.75 percent.

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