BRUSSELS (dpa-AFX) - The pound advanced against the other major currencies in early European deals on Tuesday, as European shares rose amid mixed earnings reports, stabilizing oil prices and on a weaker yen following Japan's verbal warning against excess currency volatility.
Oil prices steadied after tumbling around 3 percent on Monday on signs of another inventory build at the U.S. hub and amid speculation that Canada's oil sands will be spared from approaching wildfires.
Official data showed China's consumer prices held steady in April, quelling worries over the health of the Chinese economy.
Data from the British Retail Consortium showed that the United Kingdom like-for-like sales fell 0.9 percent on year in April.
That was well shy of forecasts for an increase of 0.5 percent and it followed the 0.7 percent decline in March.
The pound held steady against its major rivals, except the yen, in Asian deals.
The pound firmed to 157.18 against the yen, its highest since April 29. The next possible resistance for the pound-yen pair is seen around the 159.00 zone.
The pound edged up to 1.4018 against the franc and 1.4445 versus the dollar, off its early lows of 1.3985 and 1.4389, respectively. If the pound extends rise, it may find resistance around 1.42 against the franc and 1.46 against the greenback.
Reversing from an early low of 0.7904 against the euro, the pound advanced to 0.7886. On the upside, 0.77 is possibly seen as the next resistance level for the pound.
Data from Destatis showed that German exports increased for the second straight month, while imports dropped for the first time in three months in March.
Exports climbed 1.9 percent month-on-month following a 1.3 percent increase in February. Exports were forecast to remain flat in March.
At 4:30 am ET, U.K. trade data for March is set for release.
U.S. wholesale sales for March will be out in the New York session.
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Source: Equities.com News
(May 9, 2016 - 8:30 PM EDT)
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