Pound Eases As Conservative Gap Narrows In Opinion Polls
02 Dicembre 2019 - 8:02AM
RTTF2
The pound declined against its major counterparts in the
European session on Monday, as opinion polls showed a narrowing
lead for the Conservative party over the opposition Labour Party
before the general election due on December 12.
A Survation poll for ITV's Good Morning Britain found the Tory
lead over Labour had narrowed to 9 points from last week.
The poll showed Tory lead was up by one point at 42 percent, but
Labour have gained three points to 33 percent.
The telephone poll by Survation was conducted between November
26 and 30.
Other surveys also showed a slimmer lead for the Tories, raising
the chances of a hung parliament.
Final data from IHS Markit and Chartered Institute of
Procurement & Supply showed that the UK manufacturing downturn
continued in November amid the uncertainty caused by the
forthcoming general elections and the delay in Brexit.
The headline factory Purchasing Managers' Index fell to 48.9
from 49.6 in October. But the score was above the flash estimate of
48.3.
The currency traded mixed against its major counterparts in the
previous session. While it rose against the yen and the franc, it
was steady against the greenback and the euro.
The pound declined to 0.8541 against the euro, down from a high
of 0.8524 seen at 2:15 am ET. The next possible support for the
pound is seen around the 0.88 level.
The pound reached as low as 1.2881 against the franc, pulling
away from a high of 1.2930 it touched at 2:15 am ET. Should the
pound slides further, it may find support around the 1.25
level.
After an uptick to 1.2928 against the greenback at 2:15 am ET,
the pound eased off to 1.2899. The pound is seen locating support
around the 1.25 region.
The pound retreated from an early high of 141.72 against the
yen, with the pair trading at 141.49. On the downside, 139.00 is
possibly seen as the next support level for the pound.
Survey from Nikkei showed that Japan manufacturing PMI continued
to contract in November, albeit at a slower pace, with a
manufacturing PMI score of 48.9.
That's up from 48.4 in October, although it remains solidly
beneath the boom-or-bust line of 50 that separates expansion from
contraction.
Looking ahead, at 9:00 am ET, European Central Bank President
Christine Lagarde will testify before the European Parliament in
Brussels.
In the New York session, U.S. ISM manufacturing PMI for November
and construction spending data for October will be featured.
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