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Forex News: Pound Rebounds From Early Lows Against Majors

Pound Rebounds From Early Lows Against Majors

12/11/2019 - 06:33:00 (RTTNews)

(RTTNews) - The pound gained mildly against its major counterparts in the European session on Wednesday, after falling in the previous session in the wake of an opinion poll showing a tighter Conservative majority in the U.K. elections on Thursday.

According to a YouGov forecast on Tuesday, the Tories are expected to win 339 of the 650 seats in the House of Commons, Labour 231, the Scottish National Party 41, and the Liberal Democrats 15.

The poll showed a majority of 28 seats for the Tories, down from the 68 majority predicted in the previous MRP survey.

The latest poll raised the prospect of another hung Parliament in Thursday's election.

Meanwhile, investors digested conflicting narratives on the trade front. The Wall Street Journal reported that Washington is laying the groundwork for a delay in the latest tariffs on China, due to take effect on Sunday.

However, White House economic adviser Larry Kudlow said the "tariffs are still on the table". Analysts say that a trade deal might have to wait until after the U.S. presidential election in November 2020.

The pound fell sharply in the Asian session following the release of YouGov's poll overnight suggesting a smaller majority win for the Conservatives than earlier predicted.

The pound recovered to 0.8426 against the euro, from a 5-day low of 0.8461 seen at 5:15 pm ET. The pound is seen finding resistance around the 0.82 level.

After falling to a 5-day low of 1.3107 at 5:15 pm ET, the pound staged a brief recovery to 1.3156 against the greenback. The currency is likely to face resistance around the 1.34 level.

The U.K. currency gained to 1.2958 against the franc, reversing from a weekly low of 1.2899 hit at 5:15 pm ET. The next resistance for the pound is likely located around the 1.31 area.

Following a 5-day low of 142.55 set at 5:15 pm ET, the pound bounced off to 142.98 against the yen. The pound may locate resistance around the 146.00 region, if it rallies again.

Data from the Bank of Japan showed that Japan producer prices rose 0.2 percent on month in November.

That beat expectations for an increase of 0.1 percent following the 1.1 percent drop in October.

Looking ahead, U.S. consumer price index for November will be featured in the New York session.

At 2:00 pm ET, the Federal Reserve's interest rate decision is slated for release. Economists widely expect the central bank to retain the benchmark rate at 1.50 percent - 1.75 percent.

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