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Forex News: Pound Drops On EU's Rejection Of Brexit Plan

Pound Drops On EU's Rejection Of Brexit Plan

09/21/2018 - 06:29:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Friday, as EU leaders turned down Theresa May's Chequers blueprint at a summit in Salzburg, giving a major blow to her chances of reaching a deal post-Brexit.

Following their meeting on Thursday, European Council president Donald Tusk told that the leaders had unanimously agreed to refuse May's plans to stay in a single market for goods.

"Everybody shared the view that while there are positive elements in the Chequers proposal, the suggested element for economic cooperation will not work, not least because it risks undermining the single market," Tusk said.

May warned EU leaders that she would not make any more compromises and is prepared for a no deal position.

Data from the Office for National Statistics showed that the UK budget deficit increased in August.

Public sector net borrowing, excluding public sector banks, rose by GBP 2.4 billion from last year to GBP 6.8 billion in August. This was the largest August borrowing for two years.

The currency held steady against its major counterparts in the Asian session, with the exception of the yen.

The pound slipped to 1.3179 against the dollar, after rising to 1.3277 at 12:00 am ET. Next key support for the pound is seen around the 1.29 region.

The pound weakened to an 11-day low of 1.2596 against the franc, from a high of 1.2728 at 6:00 pm ET. On the downside, 1.23 is possibly seen as the next support level for the pound.

Having advanced to a 4-month high of 149.72 against the yen at 1:15 am ET, the pound edged down to 148.59. If the pound falls further, it may find support around the 147.00 level.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained stable in July.

The all industry activity index remained flat on month, following a 0.9 percent fall in June. Economists had forecast a marginal 0.1 percent rise.

The pound drifted lower to a 9-day low of 0.8936 against the euro, reversing from a high of 0.8867 hit at 5:15 pm ET. The next possible support for the pound is seen around the 0.91 level.

Survey data from IHS Markit showed that Eurozone private sector grew at the second-weakest rate since late-2016 on subdued manufacturing activity growth in September.

The composite output index fell to 54.2 in September from 54.5 in August. The score was forecast to remain unchanged at 54.5.

Looking ahead, Canada retail sales for July and consumer inflation for August, as well as Markit's U.S. manufacturing PMI for September are set for release in the New York session.

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