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Forex News: Pound Drops As BOE's Cunliffe Wary Over Nov.

Pound Drops As BOE's Cunliffe Wary Over Nov. Rate Hike

10/24/2017 - 08:45:00 (RTTNews)

(RTTNews) - The pound weakened against its major rivals in the European session on Tuesday, as the Bank of England Deputy Governor Sir Jon Cunliffe remarked that a rate hike in November remained an "open question".

Speaking to the Western Mail, the BoE policy maker said that while the economic growth has slowed, real wages have declined due to an increase in inflation since the Brexit referendum.

While rates are certainly to be higher in three years time, the exact timing of a rate hike is an open question, he told. His comments added to uncertainty about the BoE rate hike in November.

Speaking to the House of Commons, UK Chancellor of the Exchequer Philip Hammond said that the U.K. government is committed to trim the budget deficit in a "measured and balanced way."

"Increasing activity in the construction sector is a very good way of creating jobs but ... at 4.3 percent, our economy is approaching full employment, the output gap is extremely small," he added.

The pound dropped to a session's low of 0.8928 against the euro, following an advance to 0.8894 at 12:45 am ET. If the pound extends decline, 0.92 is possibly seen as its next support level.

Flash survey data from IHS Markit showed that the euro area private sector expanded strongly in October but the pace of growth slowed from September.

The flash composite output index fell more-than-expected to 55.9 in October from 56.7 a month ago. The score was forecast to drop marginally to 56.5.

The pound edged down to 1.3166 against the greenback, from a high of 1.3227 hit at 11:30 pm ET. The next possible support for the pound is seen around the 1.30 area.

The pound pared gains to 149.71 against the yen and 1.2988 against the franc, from its early highs of 150.08 and 1.3028, respectively and held steady thereafter. The pound closed Monday's trading at 149.69 against the yen and 1.2998 against the franc.

Looking ahead, Markit's preliminary U.S. manufacturing PMI for October is set for release in the New York session.

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