Pound Advances Ahead Of Eventful Week
(RTTNews) - The pound climbed against its major counterparts in the European session on Monday as traders look ahead to a busy week of economic data releases and central bank meetings.
The Fed is widely expected to leave interest rates unchanged, with traders likely to focus more closely on the central bank's accompanying statement and projections for clarity on whether the U.S. central bank will aggressively cut rates next year.
This week also features the Swiss National Bank (SNB), the Bank of England (BoE) and the European Central Bank (ECB) monetary policy meetings.
Reports on U.S. consumer and producer price inflation along with data on retail sales and industrial production are due this week.
Stronger-than-expected US monthly jobs report released on Friday fuelled hopes of a soft landing for the economy.
The pound moved up to 1.2568 against the greenback and 1.1056 against the franc, off its early lows of 1.2526 and 1.1018, respectively. The pound may find resistance around 1.31 against the greenback and 1.13 against the franc.
The pound rebounded to 0.8569 against the euro, from an early low of 0.8588. The pound is seen finding resistance around the 0.84 level.
The pound touched 183.81 against the yen, setting a 4-day high. On the upside, 190.00 is likely seen as its next resistance level.
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