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Pound Strengthening Against Majors
(RTTNews) - The pound was higher against its major counterparts in the European session on Wednesday amid improved risk sentiment, as soft U.S. data released overnight spurred hopes that the Federal Reserve is done with its monetary tightening.
Overnight data showed U.S. job openings dropped to the lowest in nearly two-and-a-half years in July, signaling easing labor market pressures and allowing the Fed room to forgo more rate rises this year.
U.S. job openings decreased to 8.8 million in July, down from expectations of 9.5 million.
A separate report showed that U.S. consumer confidence index tumbled to 106.1 in August from a downwardly revised 114.0 in July.
U.S. nonfarm payrolls and personal consumption expenditure reports due this week are expected to provide a much clearer economic picture.
The pound climbed to a 6-day high of 1.2669 against the greenback and a 1-week high of 185.36 against the yen, off its early lows of 1.2618 and 184.31, respectively. The pound is seen facing resistance around 1.28 against the greenback and 188.00 against the yen.
The pound rose to 1.1139 against the franc and 0.8588 against the euro, from its early lows of 1.1096 and 0.8610, respectively. The pound may challenge resistance around 1.13 against the franc and 0.84 against the euro.
Looking ahead, German preliminary inflation rate for August, U.S. GDP growth rate for the second quarter, goods trade balance for July, wholesale inventories data for July, pending home sales data for July and U.S. EIA weekly crude oil report are slated to be published in the New York session.
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