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Forex News: Pound Drops On Rising Trade Worries

Pound Drops On Rising Trade Worries

06/18/2018 - 05:28:00 (RTTNews)

(RTTNews) - The pound weakened against its major counterparts in early European deals on Monday, as renewed concerns over a global trade war dented investors' appetite for risk.

European markets fell, following weak lead from Asia, as the trade spat escalated between the world's top two economies.

After U.S. President Donald Trump announced hefty tariffs on $50 billion worth of Chinese goods, China announced new tariffs on 545 products imported from the U.S.

Beijing's list of goods, which were valued at US$34 billion, included agricultural products and vehicles.

Fears of a global trade war as well as expectations that major oil producers will soon start to increase supplies weighed on oil prices.

In economic releases, survey by IHS Markit and market research company Ipsos Mori showed that British households' financial pressures intensified slightly in June, largely reflecting greater living costs.

The seasonally adjusted Household Finance Index dropped to 43.4 from May's 25-month peak of 44.9.

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

The pound dropped to a 4-day low of 0.8757 against the euro and a 10-day low of 146.11 against the yen, from its early highs of 0.8726 and 147.00, respectively. The next likely support for the pound is seen around 0.89 against the euro and 145.00 against the yen.

The pound declined to 1.3226 against the dollar, after having advanced to 1.3279 at 5:30 pm ET. Next key support for the pound is likely seen around the 1.31 level.

The pound fell to a 4-day low of 1.3185 against the franc, from a high of 1.3247 hit at 5:55 pm ET. The pound is likely to find support around the 1.30 level.

Looking ahead, U.S. NAHB housing market index for June is due in the New York session.

At 11:45 am ET, the Bank of Canada Deputy Governor Lynn Patterson will speak about interest-rate benchmarks at the Investment Industry Association of Canada luncheon, in Toronto.

Atlanta Fed President Raphael Bostic speaks about the economic outlook and monetary policy at the Rotary Club of Savannah at 1:00 pm ET.

At 1:30 pm ET, the European Central Bank President Mario Draghi will deliver opening remarks at the ECB Forum on Central Banking in Portugal.

San Francisco Fed President John Williams will deliver closing remarks at a conference on banking culture, hosted by the Federal Reserve Bank of New York at 4:00 pm ET.

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