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Pound Appreciates Amid Risk Appetite
(RTTNews) - The pound climbed against its major rivals in the European session on Friday, as a slew of economic data released overnight prompted traders to reassess rate outlook.
While U.S. retail sales rose unexpectedly in May, weekly jobless claims came in higher than expected last week.
Weak data fuelled hopes that the Federal Reserve is getting closer to the end of its rate hiking cycle.
University of Michigan's preliminary U.S. consumer sentiment index for June will be released at 10.00 am ET. The index is expected to improve to 60 from 59.2 in May.
Chair Jerome Powell will testify on the semi-annual monetary policy report next week. Powell's comments will be scrutinized for more hints on the central bank's next move.
The pound touched 181.28 against the yen, its highest level since December 1, 2015. The currency is likely to find resistance around the 184.00 level.
The pound advanced to 0.8534 against the euro, setting nearly a 1-year high. The pound is seen finding resistance around the 0.84 level.
The pound was higher against the greenback, at more than a 1-year high of 1.2848. On the upside, 1.31 is likely seen as its next resistance level.
The pound edged up to 1.1447 against the franc, reversing from an early low of 1.1388. The pound may find resistance around the 1.17 level.
Looking ahead, University of Michigan's preliminary U.S. consumer sentiment index for June is set for release in the New York session.
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