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Forex News: Pound Declines As MPs Slam May's Revised Brexit

Pound Declines As MPs Slam May's Revised Brexit Offer

05/22/2019 - 07:45:00 (RTTNews)

(RTTNews) - The pound lost ground against its key counterparts in the European session on Wednesday, as U.K. Prime Minister Theresa May's final Brexit offer failed to get support from several senior Tory members or opposition Labor party, dashing hopes for her leadership.

The PM is facing calls from her party to resign immediately as some MPs claimed it is 'worse' than before.

The plan sparked opposition from Labour Party MPs, with leader Jeremy Corbyn stating that it was a 'rehash of her old bad deal'.

The former Brexit secretary, Dominic Raab, critised her latest plan, saying that terms for second referendum or Customs Union would break manifesto promises.

In economic releases, U.K. consumer price inflation accelerated in April, while output price inflation eased slightly, figures from the Office for National Statistics revealed.

Consumer price inflation rose to 2.1 percent in April from 1.9 percent in March. Nonetheless, this was slightly slower than the forecast of 2.2 percent.

Output price inflation slowed slightly to 2.1 percent in April from 2.2 percent in March.

In a separate communiqué, the ONS said house prices increased 1.4 percent annually in March following a 1 percent rise in February.

U.K.'s public sector net borrowing in April was the lowest for the month since 2007, preliminary data showed.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the euro and the greenback, it rose against the yen and the franc.

The pound dropped to a 5-day low of 139.60 against the yen, from a high of 140.70 hit at 10:00 pm ET. Next key support for the pound is seen around the 137.00 level.

Bank of Japan board member Yutaka Harada said monetary easing should be strengthened further without delay.

"If the economy deteriorates to the extent that achieving the 2 percent price stability target in the long term becomes difficult, I view it as necessary to strengthen monetary easing without delay," he told business leaders in Nagasaki.

The pound slipped to 1.2751 against the franc, its weakest since January 14. This follows a high of 1.2864 touched at 1:00 am ET. The pound is seen finding support around the 1.25 region.

The U.K. currency depreciated to 1.2641 against the greenback, a level unseen so far this year. The pound is likely to test support around the 1.24 region.

The pound slid to more than a 3-month low of 0.8832 against the euro, after having advanced to 0.8772 at 1:15 am ET. If the pound drops further, 0.90 is possibly seen as its next support level.

Looking ahead, Canada retail sales for March and Federal Reserve's minutes from the May meeting are scheduled for release in the New York session.

At 10:00 am ET, New York Fed President John Williams will speak about US homeownership at the Federal Reserve Bank of New York.

For comments and feedback: contact editorial@rttnews.com

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