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Forex News: Pound Falls Amid Lingering Fears Of "hard Brexit"

Pound Falls Amid Lingering Fears Of "hard Brexit"

01/12/2017 - 01:50:00 (RTTNews)

(RTTNews) - The British pound weakened against the other major currencies in the Asian session on Thursday, as traders' sentiment dampened amid looming uncertainty around Brexit.

Last Sunday, U.K. Prime Minister Theresa May said in her New Year TV interview that Britain will not attempt to cling on to "bits of EU membership". Therefore, the currency is likely to drop after May triggers Article 50 in March.

The lack of clarity on U.S. President-elect Donald Trump's policies despite his first press conference yesterday also weighed on investor sentiment.

Wednesday, the pound showed mixed trading against its major rivals. While the pound rose against the euro and the Swiss franc, it fell against the U.S. dollar and the yen.

In the Asian trading, the pound fell to nearly a 1-1/2-month low of 139.79 against the yen, from yesterday's closing value of 140.89. The pound may test support near the 135.00 region.

Against the euro, the Swiss franc and the U.S. dollar, the pound dropped to 0.8702, 1.2334 and 1.2168 from yesterday's closing quotes of 0.8665, 1.2379 and 1.2207, respectively. If the pound extends its downtrend, it is likely to find support around 0.89 against the euro, 1.20 against the franc and 1.18 against the greenback.

Looking ahead, Eurozone industrial production for November is due to be released at 5:00 am ET.

At 7:30 am ET, European Central Bank's publishes monetary policy meeting accounts.

In the New York session, Canada new housing price index for November, U.S. import price index for December, and U.S. weekly jobless claims for the week ended January 7 are set to be published.

At 8:30 am ET, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Atlanta President Dennis Lockhart are expected to speak about the economic outlook and monetary policy at the American Council of Life Insurers, in Naples.

At the same time, Federal Reserve Bank of Philadelphia President Patrick Harker will deliver a speech at the Desmond Hotel, in Pennsylvania.

At 1:15 pm ET, Federal Reserve Bank of St. Louis President James Bullard gives a presentation on the U.S. economy and monetary policy before the Forecasters Club of New York.

At 1:45 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated Q&A before the Dallas Regional Chamber Annual Meeting, in Dallas, U.S.

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