Pound Falls On U.K. Political Worries
29 Gennaio 2018 - 9:43AM
RTTF2
The pound slipped against its major counterparts in the European
session on Monday amid U.K. political worries, as media reports
showed that the PM Theresa May is facing growing pressure from the
ruling Conservative party to give clear direction on Brexit
plan.
Tory infighting has worsened last week, with May urged to "get a
grip" and lay out a "clear" vision about Brexit.
Leading Brexiteer Jacob Rees-Mogg warned that the Brexit
transition is "troubling on a number of counts" and the U.K.
negotiators were being "cowed by the EU."
May is risking the challenge of a no-confidence vote from the
Party, unless she sets out her Brexit plans in more detail,
according to reports.
Meanwhile, European stocks were mixed as investors waited for
cues from fresh economic releases and a slew of corporate
earnings.
Janet L. Yellen will preside over her final meeting as Federal
Reserve chairwoman on Tuesday and Wednesday, while Bank of England
Governor Mark Carney will speak before the U.K. Parliament's
Economic Affairs Committee in London on Tuesday.
Investors also await the closely-watched U.S. jobs report,
Chinese manufacturing and services sector data and President
Trump's first State of the Union address for further direction.
The currency showed mixed trading in the Asian session. While it
rose against the yen and the franc, it held steady against the
greenback and the euro.
The pound hit a weekly low of 0.8816 versus the euro and a 5-day
low of 1.4057 against the dollar, down from its early highs of
0.8771 and 1.4158, respectively. On the downside, 0.90 and 1.38 are
possibly seen as the next support levels for the pound against the
euro and the dollar, respectively.
The pound slid to near a 2-week low of 152.82 against the yen
and near a 4-week low of 1.3147 against the franc, off its previous
highs of 154.02 and 1.3257, respectively. The next possible support
for the pound is seen around 151.00 against the yen and 1.30
against the franc.
Looking ahead, Dallas Fed manufacturing activity for January is
set for release in the New York session.
Grafico Cross Sterling vs Yen (FX:GBPJPY)
Da Mar 2024 a Apr 2024
Grafico Cross Sterling vs Yen (FX:GBPJPY)
Da Apr 2023 a Apr 2024