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Forex News: Pound Drops As May To Reveal Departure Date

Pound Drops As May To Reveal Departure Date After Brexit Vote

05/17/2019 - 06:07:00 (RTTNews)

(RTTNews) - The pound came under pressure against its major counterparts in early European deals on Friday, as U.K. Prime Minister Theresa May had agreed to give a date for her departure following a vote for Brexit deal next month.

Following talks with Chairman Graham Brady on Thursday, May promised to offer the details of her exit from Downing Street early next month.

Brady and May would meet again in June to "agree a timetable for the election of a new leader."

This will come after the vote on the Withdrawal Agreement Bill in the House of Commons, scheduled in the week of June 3.

Investor sentiment dampened amid conflicting reports about trade talks between the world's two largest economies.

According to reports, China's state media signaled a lack of interest in resuming trade talks with the U.S. under the current threat to escalate tariffs.

U.S. Treasury Secretary Steven Mnuchin said earlier this week that American officials "most likely will go to Beijing at some point" in the near future to continue trade talks. He subsequently said he has "no plans yet to go to China."

The currency has been trading in a negative territory against its major counterparts in the Asian session, except against the greenback.

The pound depreciated to 1.2770 against the greenback, its weakest since January 15. If the pound extends fall, 1.25 is likely seen as its next support level.

The pound that ended Thursday's trading at 1.2923 against the Swiss franc fell to more than a 3-month low of 1.2890. The pound is seen finding support around the 1.27 region.

The U.K. currency weakened to a 4-month low of 139.89 against the yen from yesterday's closing value of 140.54. The next possible support for the pound is seen around the 136.5 level.

Bank of Japan Governor Haruhiko Kuroda said that Japan's extremely low interest rates are likely to remain at the current levels for an extended period given the uncertainties surrounding economic activity and prices.

Kuroda said the Bank would "maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, at least through around spring 2020, taking into account uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the scheduled consumption tax hike."

The pound declined to 0.8749 against the euro, a level unseen since February 19. This follows a high of 0.8729 hit at 5:00 pm ET. The currency is poised to target support around the 0.89 mark.

Looking ahead, U.S. leading indicators for April and University of Michigan's preliminary consumer sentiment index for May are scheduled for release in the New York session.

At 1:40 am ET, Federal Reserve Governor Richard Clarida will deliver a speech about the Federal Reserve's policy strategy, tools, and communication practices at an event hosted by Federal Reserve Bank of Philadelphia.

For comments and feedback: contact editorial@rttnews.com

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