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Forex News: Pound Declines As Brexit Showdown Kicks Off

Pound Declines As Brexit Showdown Kicks Off

09/03/2019 - 06:36:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in the European session on Tuesday, as the UK lawmakers opposing a no-deal Brexit are preparing their bid to delay Brexit in the House of Commons.

Pro-Remain Conservatives and opposition MPs are planning a bill to block a no-deal Brexit as Parliament reconvenes after the summer break.

PM Boris Johnson will call a general election for October 14th if he loses a Commons vote later today aimed at blocking a no-deal Brexit.

Survey data from IHS Markit showed that UK construction sector contracted for the fourth consecutive month in August as new work declined the most in over ten years, leading business optimism to plummet to over a decade-low.

The IHS Markit/CIPS UK Construction Total Activity Index fell to 45 from 45.3 in July. Economists had forecast a modest improvement in the reading to 45.9.

A reading below 50 suggests contraction in the sector.

The currency has been trading in a negative territory against its major counterparts in the Asian session.

The pound fell to near a 3-year low of 1.1958 against the greenback, from a high of 1.2067 seen at 5:45 pm ET. The next possible downside target for the pound is seen around the 1.19 level.

The pound declined to a new 3-week low of 126.67 against the yen from Monday's closing value of 128.10. The currency is likely to find support around the 125.5 level.

Data from the Bank of Japan showed that Japan monetary base climbed 2.8 percent on year in August - coming in at 512.511 trillion yen.

That follows the 3.7 percent increase in July.

The U.K. currency that closed Monday's trading at 1.1944 against the franc slipped to a 2-week low of 1.1851. If the pound slides further, 1.14 is possibly seen as its next downside target level.

The pound hit near a 2-week low of 0.9148 versus the euro, compared to 0.9084 hit late New York Monday. The pound is seen finding support around the 0.93 level.

Looking ahead, U.S. construction spending for July and ISM manufacturing index for August will be featured in the New York session.

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