Pound Climbs Ahead Of Fed Minutes
2024-08-18
3556
(fxcue news) - The pound advanced against its major counterparts in the New York session on Wednesday, ahead of the release of the Federal Reserve's July meeting minutes that could provide greater clarity on monetary policy easing.
Remarks by Fed Chair Jerome Powell and other Fed officials at the Jackson Hole Economic Symposium later in the week may also offer additional clues about the likelihood of a rate cut next month.
According to CME Group's FedWatch Tool, there is a 73.5 percent of a quarter point rate cut next month and a 26.5 percent chance of a half point rate cut.
Data from the Office for National Statistics showed that UK government borrowing in July exceeded the official estimate and also hit the highest for the month since 2021 due to the increase in public spending.
Public sector net borrowing increased GBP 1.8 billion from the previous year to GBP 3.1 billion in July. This was the highest July borrowing since 2021.
The pound touched more than a 1-year high of 1.3068 against the greenback. It may find resistance around the 1.33 level.
The pound climbed to 2-day highs of 191.49 against the yen and 0.8509 against the euro, from an early 2-day low of 188.93 and a 6-day low of 0.8544, respectively. It is poised to challenge resistance around 193.00 against the yen and 0.84 against the euro.
The pound recovered to 1.1164 against the franc, from an early 6-day low of 1.1106. Should the currency strengthens further, it is likely to test resistance around the 1.13 region.
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