Pound Climbs After Starmer's Victory
July 08 2024 - 7:16AM
RTTF2
The pound strengthened against its major counterparts in the New
York session on Monday, as Labour leader Keir Starmer's landslide
victory in last week's election secured political stability.
Starmer pledged to begin the work of change, the mission of
national renewal and rebuild the country.
The Labor won 411 seats in the House Of Commons, while
Conservative party got just 119 seats.
Meanwhile, investors grew more confident about a September U.S.
rate cut following last week's softer-than-expected jobs data.
The U.S. Labour Department is due to release its reports on
consumer and producer prices for June this week.
Upcoming Congressional testimony by Fed Chair Jerome Powell may
also provide greater clarity on Fed's monetary policy path.
The pound touched 206.67 against the yen, its highest level
since August 2008. If the currency rises further, it may find
resistance around the 213.00 level.
The pound moved up to 1.1509 against the franc, from an early
6-day low of 1.1450. Next key resistance for the currency is seen
around the 1.21 level.
The pound advanced to near a 2-week high of 0.8439 against the
euro and near a 4-week high of 1.2844 against the greenback, off
its early lows of 0.8460 and 1.2784, respectively. The next
possible resistance for the pound is seen around 0.83 against the
euro and 1.31 against the greenback.
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