Pound Trades Higher On Hopes For Brexit Delay
23 Enero 2019 - 8:21PM
RTTF2
The pound traded higher against its major counterparts in the
Asian session on Thursday, as hopes for a 'no deal' Brexit improved
after U.K.'s opposition Labour Party signaled support for an
amendment that could avoid a no-deal Brexit in a vote due next
week.
The amendment tabled by Yvette Cooper, who is an MP for the
Labor Party, suggested extension of article 50 if there is no
parliamentary consensus on Brexit deal by the end of next
month.
The amendment will be voted next Tuesday.
The Labour Party signaled that "it is highly likely" to back the
amendment as a way of closing down the prospect of no deal.
Asian stock markets were mostly higher following the positive
cues from Wall Street on upbeat corporate earnings results.
Nonetheless, investors are cautious amid worries about slowing
global economic growth, the ongoing U.S. government shutdown and
uncertainty over U.S.-China trade talks.
The pound firmed to a 2-1/2-month high of 1.3094 against the
greenback and held steady thereafter. If the pound continues its
uptrend, 1.325 is possibly seen as its next resistance level.
The pound that closed Wednesday's deals at 143.21 against the
yen appreciated to 143.55 and held steady thereafter. The pound is
seen finding resistance around the 145.00 region.
The U.K. currency rose to 1.3022 against the Swiss franc from
yesterday's closing value of 1.2995 and moved sideways thereafter.
The currency is poised to target resistance around the 1.32
mark.
The pound climbed to a 2-1/2-month high of 0.8697 against the
euro and traded sideways since then. Next key resistance for the
pound is seen around the 0.845 mark.
Looking ahead, PMI from major European economies are due in the
European session.
At 7:45 am ET, the European Central Bank announces its decision
on interest rates. Economists expect the main refi rate to be kept
at a record low of zero percent and the deposit rate at -0.40
percent.
In the New York session, U.S. weekly jobless claims for the week
ended January 19, leading index for December and Markit's flash
services PMI for January are scheduled for release.
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