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Forex News: Pound Drops Amid Risk Aversion

Pound Drops Amid Risk Aversion

03/23/2018 - 08:06:00 (RTTNews)

(RTTNews) - The pound declined against its major opponents in the European session on Friday amid risk aversion, as Trump administration's announcement to impose tariffs against Chinese imports of about $50 billion and Beijing's action to impose tariffs on U.S. imports worth $3 billion triggered worries over a global trade war.

GLobal markets were spooked by Trump's annoucement of tariffs of about $50 billion on imports from China over intellectual-property violations.

In response, Beijing rolled out tariffs targeting up to $3 billion of U.S. imports, including pork, fresh fruit and wine.

China said that the plan is aimed to "balance losses to Chinese interests caused by the U.S. tariffs on steel and aluminum products."

Esclating tensions between the world's two largest economies intensified fears of a global trade war.

The currency has been trading in a negative territory against its major rivals in the Asian session, with the exception of the greenback.

The pound eased back to 147.72 against the yen, from an early high of 148.56. This may be compared to a 4-day low of 147.67 hit early in the Asian session. The pound is seen finding support around the 144.00 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan's consumer prices rose 1.5 percent on year in February.

That was in line with expectations and up from 1.4 percent in January.

Reversing from an early high of 1.4127 versus the dollar, the pound fell to 1.4085. The next possible support for the pound is seen around the 1.39 level.

The pound dropped to a 2-day low of 0.8754 against the euro, reversing from an early high of 0.8721. On the downside, 0.90 is seen as the next support level for the pound.

On the flip side, the pound held steady against the franc, after easing from an early high of 1.3394. This may be compared to a 3-day low of 1.3333 set at 2:45 am ET. The pair closed Thursday's trading at 1.3378.

Looking ahead, Atlanta Fed President Raphael Bostic speaks about the economic outlook at the Knoxville Economics Forum at 8:10 am ET.

At 8:30 am ET, the Bank of England member Gertjan Vlieghe speaks at the Birmingham Chamber of Commerce.

In the New York session, Canada CPI for February and retail sales for January, as well as U.S. durable goods orders and new home sales for February are scheduled for release.

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