Pound Advances After Upbeat BoE Stress Test Results
01 Dezembro 2015 - 2:31AM
RTTF2
The pound climbed against most major currencies in early
European deals on Tuesday, after the Bank of England said that all
seven largest lenders in the U.K. passed the stress test,
indicating that the banking system has enough capital to support
the real economy in a severe global stress scenario.
In its six-monthly Financial Stability Report, the central bank
noted that the banking system had overcome the post-crisis phase
and it will carefully review the buffer rate at its next quarterly
meeting.
The FPC said it "intends to make active use of the time-varying
countercyclical capital buffer," which was kept at zero percent for
now.
In his press conference, the BoE governor Mark Carney stressed
that the motivation for raising its counter-cyclical buffer is to
make Britain's banks safer, not to curb credit growth.
Traders await U.K. manufacturing PMI data, due at 4:30 am ET.
The manufacturing index is forecast to fall to 53.5 in November
from 55.5 in October.
The pound showed mixed performance in Asian trading. While the
currency held steady against the euro and the franc, it was
slightly higher against the greenback and the yen.
The pound climbed to 186.02 against the yen, its strongest since
November 23. On the upside, 187.00 is possibly seen as its next
resistance level.
The pound advanced to a 5-day high of 1.5125 against the
greenback, while approaching 1.5545 against the franc, its highest
since November 19. The next possible resistance level for the pound
is seen around 1.525 against the greenback and 1.575 versus the
franc.
On the flip side, the pound was trading lower at 0.7020 against
the euro, off its early 6-day high of 0.7007.
Figures from Destatis showed that Germany's unemployment rate
held steady in October.
The jobless rate came in at an adjusted 4.5 percent in October,
the same rate as in the previous month.
Looking ahead, Eurozone unemployment rate for October is due
shortly.
In the New York session, Canada GDP data for September, Canada
RBC manufacturing PMI for November, U.S. construction spending data
for October and ISM U.S. manufacturing PMI for November are slated
for release.
At 12:45 pm ET, Federal Reserve Bank of Chicago President
Charles Evans is expected to speak about the economic outlook and
monetary policy at the Lansing Regional Chamber of Commerce in East
Lansing.
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