Pound Climbs Ahead Of Powell's Speech
09 November 2023 - 6:36PM
RTTF2
The British pound strengthened against other major currencies in
the European session on Thursday, as investors focus on speeches
from central bank officials for clues on the path of interest
rates.
Federal Reserve Chair Jerome Powell will participate in a panel
discussion at the Jacques Polak Annual Research Conference later in
the day.
Powell didn't comment on monetary policy or the economic outlook
at a conference on Wednesday.
Powell has largely maintained view that U.S. rates will remain
higher for longer and is likely to push back against talk of rate
cuts.
Weekly initial jobless claims data is due at 8:30 am ET.
Economists expect jobless claims to edge up to 218,000 in the week
ended November 4 from 217,000 in the prior week.
The pound rose to a 3-day high of 185.89 against the yen, from
an early low of 185.25. The pound may locate resistance around the
187.00 level.
Against the U.S. dollar and the Swiss franc, the pound edged up
to 1.2308 and 1.1078 from early lows of 1.2270 and 1.1042,
respectively. The next possible resistance for the pound is seen
near 1.24 against the greenback and 1.12 against the franc.
Moving away from an early 6-day low of 0.8772 against the euro,
the pound advanced to 0.8693. On the upside, 0.85 is likely seen as
the next resistance level.
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