(RTTNews) - In early European deals on Monday, the pound jumped to a 1-week high against the dollar on the back of strong U.K. stocks. The pound also showed modest strength against the yen and it recovered from early Asian session's 4-day low against the euro and a new multi-month low against the franc.
At 5:05 am ET, U.K.'s benchmark FTSE 100 index was up 51.55 points or 0.94% at 5,587.24.
Investors are bracing for quarterly results from aluminium major Alcoa, due to kick off the U.S. earnings season today.
The pound that showed choppy trading against the yen in Asian deals on Monday edged up during early European trading. As of now, the pound-yen pair is worth 149.36, up from Friday's close of 148.50. The near term resistance for the pair is seen around the 150.8 level.
In early European deals on Monday, the pound climbed to a 1-week high of 1.6158 against the dollar. This may be compared to last week's close of 1.6030. On the upside, 1.624 is seen as the next target level for the UK currency.
The pound is currently trading at 1.6421 against the Swiss franc and 0.8990 against the euro, up from early Asian session's 3-month and 4-day lows of 1.6323 and 0.9028, respectively. The euro-pound pair closed trading at 0.8996 and the pound-franc pair at 1.6409 on Friday.
