Pound Rallies On Hopes Of Conservative Win
05 Décembre 2019 - 07:47AM
RTTF2
The pound rose sharply against its major counterparts in early
European deals on Thursday, as recent opinion polls give a clear
majority for Boris Johnson's Conservative party at next week's
general election, enabling him to pass Brexit deal by January
31.
Recent polls showed a solid lead for the Conservatives, raising
the prospect of a majority victory in the upcoming general
elections.
Yesterday, Johnson unveiled his agenda for the first 100 days if
he gets a majority at the general election.
He pledged that the withdrawal agreement will be put back before
Parliament ahead of Christmas to deliver Brexit on January 31.
Other measures include a budget in February that would raise the
national insurance threshold from £8,632 to £9,500.
In economic releases, U.K. car sales declined in November as
weak business and consumer confidence along with economic
uncertainty weighed on demand, data published by the Society of
Motor Manufacturers and Traders showed.
New car registrations decreased 1.3 percent on a yearly basis to
156,621 units in November.
The currency has been trading higher against its major
counterparts in the previous session, except the euro.
The pound appreciated to 1.3148 against the greenback, its
biggest since May 6. The pound is seen locating resistance around
the 1.33 level.
The pound spiked up to 143.19 against the yen, a level unseen
since May 6. Further rise may find the pound testing resistance
around the 147.00 level.
The U.K. currency firmed to near a 7-month high of 1.2999
against the franc, from Wednesday's closing value of 1.2953. If the
pound rises further, 1.32 is likely seen as its next resistance
level.
The pound strengthened to 0.8430 against the euro for the first
time since May 2017. Next immediate resistance for the pound is
likely seen around the 0.82 level.
Data from Eurostat showed that Eurozone retail sales declined
for the second straight month in October.
Retail sales decreased 0.6 percent month-on-month in October,
bigger than the 0.2 percent fall in September and the expected drop
of 0.5 percent.
Looking ahead, U.S. and Canadian trade data for October, weekly
jobless claims for the week ended November 30 and factory orders
for October as well as Canada Ivey PMI for November are scheduled
for release in the New York session.
Euro vs Sterling (FX:EURGBP)
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Euro vs Sterling (FX:EURGBP)
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