Pound Rises As Brexit Talks Kick Off
June 19 2017 - 2:02AM
RTTF2
The British pound strengthened against the other major
currencies in the European session on Monday, as French president
Emmanuel Macron's party scored an overwhelming victory in the
second round of parliamentary elections and investors awaited the
start of formal Brexit talks between the U.K. and the European
Union.
U.K. Brexit Secretary David Davis, along with others will begin
talks with the Chief EU negotiator Michael Barnier in Brussels to
discuss Britain's exit from the European Union.
In the Asian trading today, the pound held steady against its
major rivals.
In the European trading, the pound rose to a 5-day high of
1.2814 against the U.S. dollar, from an early low of 1.2757. The
pound may test resistance near the 1.30 region.
Against the yen and the euro, the pound advanced to 142.34 and
0.8734 from early 4-day low of 141.33 and 0.8780, respectively. If
the pound extends its uptrend, it is likely to find resistance
around 144.00 against the yen and 0.85 against the euro.
Against the Swiss franc, the pound climbed to a 4-day high of
1.2468 from an early 4-day low of 1.2409. On the upside, 1.26 is
seen as the next resistance level for the pound.
Looking ahead, at 8:00 am ET, Federal Reserve Bank of New York
President William Dudley is expected to speak at the North Country
Chamber of Commerce, in Plattsburgh.
At 11:00 am ET, German Bundesbank President Jens Weidmann is
expected to speak at the Colloquium in memoriam Prof Dr Hans
Tietmeyer, in Frankfurt.
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