Pound Lower Against Majors
28 Febbraio 2024 - 10:41AM
RTTF2
The pound traded lower on Wednesday, amid a resurgence in the
U.S. dollar ahead of key inflation data.
Personal consumption expenditures price index, scheduled for
release on Thursday, may influence investor expectations about the
Fed's potential moves on interest rates.
On Tuesday, Fed Governor Michelle Bowman said inflation will
continue to decline further but it's too soon to begin cutting
interest rates.
Weak economic data released overnight stirred expectations of an
earlier-than-anticipated rate cut by the Fed.
Orders for long-lasting U.S. manufactured goods fell by the most
in nearly four years in January while there was an unexpected
deterioration in consumer confidence in February, separate data
revealed.
The pound fell to 6-day lows of 190.27 against the yen, 1.1121
against the franc and 1.2621 against the greenback, off its early
highs of 190.97, 1.1152 and 1.2686, respectively. The currency is
poised to challenge support around 180.00 against the yen, 1.10
against the franc and and 1.24 against the greenback.
The pound pulled back against the euro and was trading at
0.8563. If the currency falls further, it is likely to test support
around the 0.88 region.
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