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Forex News: Carney's Remarks Drags Down Sterling

Carney's Remarks Drags Down Sterling

04/20/2018 - 04:11:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in Asian session on Friday, as the Bank of England Governor Mark Carney diminished hopes for a U.K. rate hike in May, saying that Brexit uncertainty acts as a dampener to a pickup in business investment.

"Prepare for a few interest rate rises over the next few years," Carney told BBC.

The biggest set of economic decisions over the course of the next few years would depend on the Brexit negotiations and upon the deal that the U.K. reach with the EU.

"And then we will adjust to the impact of those decisions in order to keep the economy on a stable path," he added.

Speaking on the sidelines of the International Monetary Fund meetings in Washington, Carney, meanwhile, acknowledged that an interest rate hike is "likely" this year.

Carney acknowledged that the recent data has been soft, and the Monetary Policy Committee "will sit down calmly and look at it all in the round" at the meeting next month.

The currency was also weighed by risk aversion, as Asian stock markets fell, reflecting weakness in technology shares after chipmaker Taiwan Semiconductor Manufacturing forecast weaker than expected second-quarter revenues due to softer demand for high-end smartphones.

The pound declined to 0.8791 against the euro, its weakest since March 27. The pound is seen finding support around the 0.89 region.

The pound slipped to a 2-week low of 1.4036 against the greenback, from Thursday's closing value of 1.4081. The pound is likely to find support around the 1.38 mark.

The pound that closed Thursday's trading at 1.3673 against the Swiss franc slipped to an 8-day low of 1.3636. If the pound falls further, it may find support around the 1.34 level.

The pound slid to a 10-day low of 150.96 against the yen, compared to 151.17 hit late New York Thursday. On the downside, 148.00 is likely seen as the next support for the pound.

Looking ahead, at 8:30 am ET, Canada consumer prices for March and retail sales for February are scheduled for release.

Eurozone flash consumer sentiment for April is due at 10:00 am ET.

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