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Forex News: Pound Advances Amid Risk Appetite

Pound Advances Amid Risk Appetite

12/07/2017 - 06:52:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Thursday amid risk appetite, as investors digested merger and acquisition news and awaited further details on progress towards U.S. tax reform.

Reports that the U.S. Congress is on track to approve legislation to avert a partial government shutdown also kept the mood buoyant.

The House of Representatives is set to vote on a two-week extension for spending measure on Thursday, followed by a Senate vote on Friday.

The U.K. Prime Minister Theresa May is likely to put forth a fresh offer to resolve Irish border dispute, as Brexit negotiatior Micheal Barnier issued a deadline to potential deal.

Barnier insisted that diplomats of the 27 member states have to sign the deal by Friday, if talks must move onto trade at a summit next week.

Data from the mortgage lender Halifax and IHS Markit showed that UK house prices increased more than expected in November.

On a monthly basis, house prices increased 0.5 percent, faster than the 0.3 percent rise posted in October. This was the fifth consecutive increase. Prices were forecast to grow marginally by 0.2 percent.

The currency showed mixed trading in the Asian session. While it fell against the greenback and the yen, it held steady against the franc and the euro.

The pound edged up to 1.3421 against the greenback and 151.17 against the yen, from its early lows of 1.3364 and 150.14, respectively. The next possible resistance for the pound is seen around 1.36 against the greenback and 153.00 against the yen.

The pound climbed to a 2-day high of 0.8781 against the euro and a 3-day high of 1.3304 against the franc, up from its previous lows of 0.8828 and 1.3223, respectively. If the pound rises further, it may locate resistance around 1.35 against the franc and 0.86 against the euro.

Looking ahead, U.S. weekly jobless claims for the week ended December 2, Canada building permits for October and Ivey PMI for November are set for release in the New York session.

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