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Forex News: Pound Higher On Widening Lead For Conservative Party

Pound Higher On Widening Lead For Conservative Party In Latest Poll

12/03/2019 - 06:41:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in early European deals on Tuesday, as the latest opinion poll showed the Conservative party widening its lead over Labour before a snap election on December 12.

A survey by Kantar showed Conservatives increasing their lead by 12 points from last week.

The poll showed Tory lead was up by one point at 44 percent, while Labour support was unchanged at 32 percent.

The survey was conducted online among 1,096 people between November 28 and December 2.

European stocks traded mixed amid fresh concerns about global trade.

China will soon release its so-called "unreliable entity list," imposing sanctions against those who harm China's interests, the business news arm of the country's nationalist tabloid Global Times said in a tweet today morning.

Data from IHS Markit and the Chartered Institute of Procurement & Supply showed that the UK construction sector continued to contract in November, albeit at a slower pace, as new work weakened amid domestic political uncertainty, but the overall pace of decline slowed from October.

The construction Purchasing Managers' Index rose more-than-expected to 45.3 in November from 44.2 in October. The expected reading was 44.5.

The pound appreciated to 1.2995 against the greenback, its strongest since October 22. The pound may find resistance around the 1.32 level.

After dropping to a 6-day low of 140.93 against the yen at 5:00 pm ET, the pound rebounded to 141.72. Next near term resistance for the pound is seen around the 143.00 level.

The pound bounced off to 1.2860 against the franc, from a 6-day low of 1.2820 seen at 5:00 pm ET. The pound is seen finding resistance around the 1.30 level.

The pound rallied to 0.8524 against the euro, reversing from a low of 0.8565 it set at 7:15 pm ET. If the pound rises further, 0.84 is likely seen as its next resistance level.

Data from Eurostat showed that Eurozone producer prices declined at the fastest pace in more than three years in October.

Producer prices decreased 1.9 percent year-on-year in October following a 1.2 percent drop in September. Prices were expected to ease 1.8 percent.

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