Pound Climbs On Hopes To Resolve Irish Border Issue
28 Mars 2018 - 09:49AM
RTTF2
The pound strengthened against its major opponents in the
European session on Wednesday, following media reports that the
U.K. government has promised to publish concrete details to resolve
the post-Brexit border issue in Ireland 'imminently'.
The Times reported that Irish officials have been promised to
furnish concrete details on what alternative plans the UK
government has, beyond the so-called backstop plan.
The report showed that the plans, which are at an advanced
stage, are expected to be revealed "imminently" to avoid a hard
border with Northern Ireland.
Since the Irish border issue remained as a road block in Brexit
talks, investors welcomed signs of a breakthrough on the
solution.
The latest JobsOutlook survey by the Recruitment &
Employment Confederation showed that more British employers make
hiring plans as Brexit countdown begins.
About 22 percent of employers who hire temporary agency.
The Distribution Trades Survey from the Confederation of British
Industry showed that UK retail sales are forecast to rebound in
April after declining for the first time since October 2017.
About 32 percent of retailers said that sales volumes were up in
the year to March, whilst 40 percent said they were down, giving a
balance of -8 percent.
The pound strengthened to 1.3486 against the Swiss franc, its
highest since January 25. The pound is seen finding resistance
around the 1.37 region.
Switzerland's KOF Economic Institute upgraded its economic
outlook citing improved economic situation of major trading
partners and the depreciation of the Swiss franc against the
euro.
In the Spring Forecast, the think tank said gross domestic
product is forecast to grow 2.5 percent this year instead of 2.3
percent estimated in December.
The pound firmed to a 2-day high of 0.8734 against the euro and
held steady thereafter. The pair closed Tuesday's trading at
0.8759. The next possible upside target for the pound is seen
around the 0.86 level.
Survey data from the market research group GfK showed that
German consumer confidence is set to improve in April.
The forward-looking consumer sentiment index rose unexpectedly
by 0.1 point to 10.9 in April. The score was forecast to fall to
10.7.
The pound extended rally to 150.02 against the yen, from
Tuesday's closing value of 149.10. On the upside, 151.00 is seen as
the next resistance level for the pound.
On the flip side, the pound pared gains to 1.4134 against the
greenback, from an early high of 1.4200, and held steady
thereafter. Next key support for the pound is seen around the 1.39
level.
Looking ahead, U.S. GDP data for the fourth quarter, wholesale
inventories and pending home sales for February are scheduled for
release in the New York session.
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