Forex News

The growth of the pound against the backdrop of the statement of Theresa May regarding the possibility of futile Brexit

Prime Minister Theresa ?? May warned before the parliamentary vote that the refusal of the proposed Brexit deal could lead to a "fruitless scenario." The statement influenced the growth of the pound against its major counterparts in the European session on Monday.

Speaking to the workers at the Stoke-on-Trent factory, May said that the parliament would most likely stop Brexit than allow him to go without a deal. 19659002] Mai's speech preceded parliamentary voting on a deal that is not expected to be passed to the House of Commons.

If lawmakers vote against an agreement, the most likely outcome will be a “paralyzed parliament, which will increase Brexit’s risk without a deal”, ska ala May.

Mei said that this is the only possible deal, and from it you can not refuse.

The currency traded lower relative to its main competitors in the Asian session, as Asian stocks fell after weak data for China, and investors were expecting a parliamentary vote on Brexit to be held tomorrow.

The pound rose 0.3 percent to 0.8905 against the euro, the highest level since December 7, 2018. The pair was rated at 0.8929 when it closed on Friday. The next key resistance for the pound will be the level of 0.88.

Industrial production in the eurozone declined faster than expectations in November, as evidenced by preliminary data from the Eurostat statistical office, published on Monday.

Seasonally adjusted industrial production fell by 1.7 percent from October, when the figure rose by 0.1 percent, revised from 0.2 percent. Economists had expected a 1.5 percent decline.

The pound rose to a 2-month high of 1.2880 against the US dollar, registering a 0.5 percent increase from a low of 1.2819 reached at 3:45 am ET. At the close of last week, the pair was worth 1.2835. The pound may meet resistance at 1.30.

The currency has risen to 139.23 against the yen from a minimum of 138.60, reached at 2:30 am ET. Thus, the pound is not far from the 2-week peak of 139.57, set at the beginning of today's trading. The pound is ready to find resistance around the 142.00 level.

The pound recovered to 1.2642 against the Swiss franc after falling to 1.2593 at 3:45 am Eastern Time. Thus, the currency is closer to breaking through the 6-week high of 1.2659, observed at 5:00 pm ET. At the close of the last week, the pair was quoted at 1.2629. A further uptrend could lead the pound to resistance around 1.28.