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Pound Climbs Amid Risk Appetite

The pound advanced against its major counterparts in the European session on Friday, as European stocks rose following Russian President Vladimir Putin’s remarks suggesting positive developments in talks with Ukraine.

In a meeting with Belarusian President Alexander Lukashenko, Putin indicated about positive shifts in negotiations, but did not provide more details.

His comments came after intensified attacks on Ukrainian cities, with Russian forces launching a high-precision and long-range attack on military airfields in Lutsk and Ivano-Frankivsk.

The U.S., along with the Group of Seven nations and the EU, is planning to revoke the “most favoured nation” status of Russia over its invasion of Ukraine.

The pound moved up to 153.40 against the yen, its highest level since March 4. On the upside, 156.00 is likely seen as its next resistance level.

The pound rebounded to 1.3125 against the greenback, after touching 1.3051 earlier in the session, which was its lowest level since November, 2020. The pound is likely to face resistance around the 1.34 level.

The pound rose to 1.2226 against the franc, off an early 3-day low of 1.2154. The next possible resistance for the pound is seen around the 1.24 mark.

The pound recovered modestly against the euro, with the pair trading at 0.8393. The pound is seen facing resistance around the 0.80 mark.

Looking ahead, Canada jobs data for February and University of Michigan’s preliminary U.S. consumer sentiment index for March are due out in the New York session.

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