Pound Rises Ahead Of U.K. Inflation Data
(RTTNews) - The pound climbed against its most major counterparts in the European session on Monday, as investors awaited the nation's inflation data for July for more clues on the rate outlook.
U.K. CPI data for July is due on Wednesday, with economists expecting inflation to ease to 6.8 percent from 7.9 percent last month.
Better-than-expected U.K. growth data released last week increased the likelihood of further monetary policy tightening from the Bank of England.
Risk sentiment improved ahead of the release of the minutes of the Federal Reserve's latest policy meeting as well as quarterly earnings reports from retailers.
The Fed minutes, which will be released on Wednesday, could shed additional insights about the trajectory of interest rates.
The pound touched 184.32 against the yen, its highest level since December 2015. On the upside, 186.00 is seen as its next resistance level.
Against the franc and the euro, the pound appreciated to a 4-day high of 1.1152 and a 5-day high of 0.8612, respectively. The currency is seen facing resistance around 0.84 against the franc and 0.84 against the euro.
In contrast, the pound weakened against the greenback, reaching nearly a 2-week low of 1.2644. If it drops further, it may find support around the 1.24 area.
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