Pound Rises As Conservative Continue Lead Over Labour
November 21 2019 - 2:18AM
RTTF2
The pound strengthened against its major counterparts in the
European session on Thursday, after an opinion poll continued to
show support for the British Prime Minister Boris Johnson's
Conservative Party in the upcoming election on December 12.
An Ipsos MORI poll for The Standard showed that the lead for
Tories increased by three points to 44 percent, while the Labour
Party got 28 percent.
Data from the Office for National Statistics showed that the UK
budget deficit widened more than expected in October.
Public sector net borrowing excluding public sector banks,
increased by GBP 2.3 billion from the last year to GBP 11.2 billion
in October. The expected level was GBP 9.3 billion.
The pound advanced to a 2-day high of 1.2950 versus the dollar,
off an early low of 1.2914. The pound is seen finding resistance
around the 1.32 area.
The pound gained to 1.2834 versus the franc and 140.66 versus
the yen, from its early lows of 1.2787 and 139.97, respectively.
Next key resistance for the pound is seen around 1.31 versus the
franc and 145.00 versus the yen.
The pound hovered at a 2-day high of 0.8558 against the euro,
compared to yesterday's closing value of 0.8567. If the pound rises
further, 0.84 is possibly seen as its next resistance level.
Looking ahead, at 7:30 am ET, the European Central Bank releases
the account of the monetary policy meeting of the Governing Council
held on October 23-24.
U.S. weekly jobless claims for the week ended November 16,
existing home sales and leading index for October are set for
release in the New York session.
Eurozone flash consumer sentiment index for November will be
published at 10:00 am ET.
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