Pound Rises As BoE Ramsden Downplays Prospect Of Negative Rate
September 28 2020 - 2:51AM
RTTF2
The pound was higher against its major counterparts in the
European session on Monday, as a Bank of England policymaker talked
down the likelihood of imminent negative interest rates and
investors await Brexit trade talks scheduled to resume this
week.
In a speech, BoE Deputy Governor Dave Ramsden said that the
slowdown in the economic activity was less severe than initially
expected in May.
The central bank expects GDP to recover steadily, although there
are real uncertainties and risks.
Strong data from China helped offset rising tensions between
Beijing and Washington.
Data from National Bureau of Statistics showed that China's
industrial profits grew for the fourth straight month in
August.
The pound advanced to near 3-week highs of 1.1944 against the
franc and 0.9043 against the euro, off its early lows of 1.1840 and
0.9119, respectively. The pound is likely to find resistance around
1.21 against the franc and 0.88 against the euro.
The pound climbed to a 10-day high of 135.83 against the yen and
a 1-week high of 1.2892 against the dollar, from its early lows of
134.36 and 1.2751, respectively. If the pound rises further, 138
and 1.31are possibly seen as its next resistance levels against the
yen and the dollar, respectively.
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