News Column

Pound Climbs Ahead Of BoE's Financial Stability Report

June 26, 2014

BRUSSELS (Alliance News) - The pound strengthened against the other major currencies in European deals on Thursday, as traders await the Bank of England's Financial Stability Report and Governor Mark Carney's news conference at 5:30 am ET.

Market participants are expecting the financial stability officials to take appropriate action to cool surging home prices that could pose a threat to the economy. Carney's speech will also be in focus for clues about bank's interest rate hike in future.

The pound advanced to 2-day highs of 1.7022 against the greenback, 1.5205 versus the franc and 0.7997 against the euro, from early lows of 1.6970, 1.5149 and 1.8031,respectively.

The pound rose to a session's high of 173.19 against the yen, from early near 2-week low of 172.69.

If the pound extends gain, it is likely to find resistance around 1.72 against the greenback, 174.00 against the yen, 1.53 against the franc and 0.79 against the euro.

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Source: Alliance News

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