Pound Declines After Postponement Of Brexit Vote
10 Dicembre 2018 - 11:07AM
RTTF2
The pound fell sharply against its major counterparts in the
European session on Monday, after U.K. Prime Minister Theresa May
called off tomorrow's Parliamentary vote on Brexit deal as her plan
may have defeated amid stiff opposition from Tory rebels.
The decision came after the PM failed to get support from enough
of Tory MPs who said they were against the deal.
More top Tories said they would vote against the deal, including
May's former policy chief George Freeman MP.
May will address the UK House of Commons this afternoon,
followed by a statement from Commons leader Andrea Leadsom and then
Brexit Secretary, Steve Barclay.
The chaos comes ahead of EU summit in Brussels on Thursday and
Friday, at which May is under pressure to renegotiate more
concessions to the withdrawal agreement agreed with the European
Union.
European shares fell as weak data from China and Japan, Italy's
budget dispute with the European Union and heightened trade worries
sapped investors' appetite for risk.
French President Emmanuel Macron is set to hold talks with trade
unions and employers' organizations today, in a bid to defuse weeks
of unrest in Paris and other cities over rising gas prices and
taxes.
U.K GDP growth slowed to 0.4 percent in the three months to
October from 0.6 percent in the third quarter of 2018, official
data showed.
The currency showed mixed trading against its major counterparts
in the Asian session. While the pound rose against the greenback
and the yen, it held steady against the franc. Against the euro, it
declined.
The pound declined to 1.2606 against the greenback, its weakest
since June 2017. The next possible support for the pound is seen
around the 1.25 level.
The U.K. currency fell to near a 4-month low of 142.37 against
the yen, compared to 143.43 hit late New York Friday. On the
downside, 140.00 is seen as the next likely support level for the
pound.
The pound dropped to 1.2480 against the franc, its weakest since
September 7. The pound is poised to find support around the 1.23
mark.
The pound fell to more than a 3-month low of 0.9047 against the
euro, after rising to 0.8957 at 5:15 pm ET. The pound is seen
finding support around the 0.92 mark.
Preliminary figures from Destatis showed that Germany's
merchandise exports grew more-than-expected in October and at the
fastest pace in five months.
Exports increased a calendar ad seasonally adjusted 0.7 percent
from September, when they declined 0.4 percent. Economists had
forecast a 0.4 percent gain for October.
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