Pound Rises Amid Risk Appetite
(RTTNews) - The British pound strengthened against other major currencies in the European session on Friday, as European stocks traded higher with financials and luxury goods makers rising on the back of strong earnings.
Sentiment was also helped by optimism that the Federal Reserve would halt interest-rate increases in the next policy review in June.
In economic releases, the U.K. economy expanded for the second straight quarter, in line with expectations, though output shrunk unexpectedly in the month of March, preliminary data from the Office for National Statistics showed.
Gross domestic product grew 0.1 percent from the fourth quarter, when it expanded at the same pace.
In the European trading today, the pound rose to 0.8696 against the euro, 1.2541 against the U.S. dollar and 169.13 against the yen, from early lows of 0.8732, 1.2506 and 168.17, respectively. If the Sterling extends its uptrend, it is likely to find resistance around 0.85 against the euro, 1.27 against the greenback and 174.00 against the yen.
Against the Swiss franc, the pound edged up to 1.1202 from an early 1-week low of 1.1155. The GBP/CHF pair may find its resistance around the 1.13 area.
Looking ahead, U.S. export and import prices for April, U.S. University of Michigan's preliminary consumer sentiment for May and U.S. Baker Hughes rig count data are due in the New York session.
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