Pound Climbs Against Majors
December 01 2023 - 3:53AM
RTTF2
The pound firmed against its major counterparts in the European
session on Friday, as Bank of England policy maker Megan Greene
pushed back against market bets on interest rate cuts in 2024.
In her first speech as an MPC member on Thursday, Greene said
the central bank will keep restrictive monetary policy stance for
an extended period to achieve the inflation target.
The data on output remains mixed but inflation persistence is a
concern, Greene added.
Final data from S&P Global and the Chartered Institute of
Procurement & Supply showed that U.K. manufacturing PMI
advanced to 47.2 from 44.8 in October. The flash reading was
46.6.
Data from the mortgage lender Nationwide Building Society showed
that UK house prices declined at the slowest pace in nine months in
November as expectations of interest rate cuts in future eased
affordability pressures.
House prices registered an annual decline of 2.0 percent after
easing 3.3 percent in October. Prices marked the slowest fall since
February 2023. They were forecast to drop 2.3 percent. The pound
advanced to 1.2675 against the greenback, 187.51 against the yen
and 1.1081 against the franc, off its early lows of 1.2609, 186.67
and 1.1032, respectively. The pound may find resistance around 1.31
against the greenback, 190.00 against the yen and 1.13 against the
franc.
The pound moved up to 0.8599 against the euro, its highest level
since September 18. The pound is seen finding resistance around the
0.84 level.
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