Pound Advances Against Most Majors
10 Enero 2024 - 5:49AM
RTTF2
The pound was higher against its most major counterparts in the
New York session on Wednesday, as investors awaited key inflation
reports to help determine the Fed's policy path.
Reports on consumer and producer price inflation, which are due
to be released on Thursday and Friday, respectively, could have a
significant impact on the outlook for interest rates.
With economists expecting the reports to show slowdowns in the
annual rate of core price growth, the data could bolster optimism
about near-term rate cuts by the Federal Reserve.
In his testimony before the UK Treasury Select Committee, Bank
of England Governor Andrew Bailey said that the conflict in the
Middle East had not hurt the economy so far.
"From an economic point of view - if you take the oil price,
which is an obvious place to look - it hasn't actually had the
effect that I sort of feared it might," Bailey added.
The pound edged up to 1.2740 against the greenback, from an
early 2-day low of 1.2686. The pound is likely to test resistance
around the 1.31 level.
The pound advanced to a 2-week high of 1.0857 against the franc
and a 5-week high of 185.51 against the yen, off its early lows of
1.0814 and 183.39, respectively. The pound may find resistance
around 1.13 against the franc and 189.00 against the yen.
In contrast, the pound eased against the euro and was trading at
0.8613. This may be compared to a previous 2-day low of 0.8616. The
pound is poised to challenge support around the 0.88 level.
Sterling vs Yen (FX:GBPJPY)
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Sterling vs Yen (FX:GBPJPY)
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