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Forex News: Pound Drops Amid Risk Aversion

Pound Drops Amid Risk Aversion

12/06/2017 - 06:56:00 (RTTNews)

(RTTNews) - The pound weakened against its major counterparts in the European session on Wednesday, as weak commodity prices, worries over a possible U.S. government shutdown and U.S. President Donald Trump's comments that he plan to transfer his country's embassy to Jerusalem dented risk appetite.

Funding for the U.S. government runs out Friday, and some Democratic lawmakers are threatening to vote against spending bills unless Congress addresses their demands on funding priorities and protecting young immigrants.

Oil prices dropped on API data showing a rise in U.S gasoline stocks and distillate inventories last week.

The currency has been trading in a negative territory in the Asian session.

The pound dropped to a weekly low of 149.76 against the yen, from a high of 151.40 hit at 5:00 pm ET. If the pound weakens further, 148.00 is possibly seen as its next support level.

Moody's Investors Service retained the sovereign ratings of Japan.

The credit rating was kept unchanged at 'A1' with 'stable' outlook.

The pound reversed from an early high of 1.3443 against the greenback, falling to a weekly low of 1.3358. Continuation of the pound's downtrend may see it challenging support around the 1.32 area.

The pound that closed yesterday's trading at 0.8796 against the euro declined to 0.8853.The next possible support for the pound is seen around the 0.92 level.

Data from Destatis showed that Germany's factory orders increased unexpectedly in October.

New orders in manufacturing climbed 0.5 percent month-on-month in October, following a revised 1.2 percent rise in September. Orders were forecast to fall 0.2 percent.

The pound was trading in a negative territory against the franc with the pair trading at 1.3235. On the downside, 1.31 is likely seen as the next support for the pound.

Looking ahead, the Bank of Canada will announce its decision on interest rate at 10:00 am ET. Economists expect the bank to keep rate on hold at 1.00 percent.

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