Pound stabilizes after briefly testing $1.47

Major currency pairs were consolidating after improvement in risk sentiment on Monday led to relief rallies in risk assets on the back of opinion polls that swung in favour of the campaign for the UK to stay in the European Union.

Two opinion polls on Monday showed that the “remain” camp has recovered some ground in the Brexit debate.

Sterling closed 2.4 per cent higher on Monday, marking its biggest one-day gain since December 15 2008.The British pound eased against the dollar in Asian trading on Tuesday.

There has been some profit taking today after Monday’s gains.

GBPUSD eased 0.1 percent in Asian trade to $1.4658, having pulled back from a three-week high of $1.4721 set on Monday.

EURGBP climbed 0.5 percent sterling to 77.31 after setting a near three-week low of 76.925 pence on Monday.
EURUSD edged up 0.1 percent to $1.1326.

USDJPY slipped early in the session to 103.58 yen, bringing the yen close to its 22-month high of 103.55 set last Thursday.

Oil prices also benefited from the general improvement in risk appetite in markets on Monday, but had eased in Asia today. Brent crude, the international benchmark, was down 0.5 per cent at $50.42 a barrel, while West Texas Intermediate, the US marker, was down 0.3 per cent at $49.20.

The post Pound stabilizes after briefly testing $1.47 appeared first on FXTM Blog.

Source:: Pound stabilizes after briefly testing $1.47

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