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Pound Rebounds Against Majors
(RTTNews) - The pound rebounded against its major counterparts in the European session on Monday, as strong earnings results lifted sentiment.
Investors awaited earnings and economic updates from the U.S. for more clarity about the state of the world's largest economy.
Data from the Office for National Statistics due on Tuesday is expected to show that unemployment held steady at 3.7 percent in February.
The CPI data for March is due on Wednesday, with economists expecting inflation to ease to 9.8 percent from 10.4 percent last month.
A soft reading could diminish hopes for a 25 basis point hike from the Bank of England at its next meeting.
The pound rose to 1.2438 against the dollar, off an early 1-week low of 1.2373. Next near term resistance for the currency is likely seen around the 1.26 level.
The pound recovered to 166.51 against the yen, heading to pierce its previous 4-day high of 166.56. The next possible resistance for the pound is seen around the 169.00 level.
The pound advanced to 1.1112 against the franc and 0.8829 against the euro, from its early multi-week lows of 1.1070 and 0.8864, respectively. The currency is seen finding resistance around 1.14 against the franc and 0.86 against the euro.
Looking ahead, U.S. NAHB housing market index for April is due to be released in the New York session.
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