Pound Climbs As Lockdown Measures Ease Further In England
April 12 2021 - 3:57AM
RTTF2
The pound moved higher against its major trading partners in the
European session on Monday, as the lockdown measures were eased
further in England, with non-essential stores and pub gardens
reopening after months of restrictions.
Indoor gyms, swimming pools, libraries and zoos will be allowed
to reopen. Hair and beauty saloons will resume operations from
today.
Indoor drinking and dining will be permitted from May 17, when
rules are loosened further.
The Prime Minister said the easing marked "a major step forward
in our roadmap to freedom".
Investors await quarterly results as earnings season got
underway. Goldman Sachs, JPMorgan and Wells Fargo are scheduled to
report their results on Wednesday.
The pound rose to 1.2722 against the franc, from a low of 1.2658
hit at 5:00 pm ET. The pound is likely to find resistance around
the 1.30 level.
After falling to 149.76 at 1:00 am ET, the pound advanced to
150.59 against the yen. On the upside, 152.00 is likely seen as its
next resistance level
Data from the Bank of Japan showed that Japan producer prices
rose 1.0 percent on year in March - exceeding expectations for 0.5
percent following the upwardly revised 0.6 percent contraction in
February.
On a monthly basis, producer prices jumped 0.8 percent - again
exceeding expectations for 0.4 percent and up from 0.6 percent in
the previous month.
The pound touched a 4-day high of 1.3768 against the greenback,
rising from a low of 1.3669 seen at 1:00 am ET. The pound is seen
finding resistance around the 1.41 level.
After a fall to 0.8695 at 1:00 am ET, the pound rose to a 4-day
high of 0.8640 against the euro. Immediate resistance for the
currency is seen around the 0.84 level.
Data from Eurostat showed that Eurozone retail sales increased
more than expected in February after declining at the start of the
year.
Sales grew 3.0 percent from January, when they fell 5.2 percent,
revised from 5.9 percent. Economists had expected 1.5 percent
increase.
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