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Forex News: Pound Falls Amid Risk Aversion

Pound Falls Amid Risk Aversion

08/23/2017 - 07:47:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Wednesday amid risk aversion, led by a fall in media shares after the world's largest advertising group WPP cut its full-year sales outlook.

Shares of London-based WPP tumbled 10.16 percent after the group cut its full-year sales growth forecast, citing economic uncertainty and a "rise of populism" in the U.K. and the U.S.

With geopolitical tensions running high and U.S. President Donald Trump signaling the possible termination of the NAFTA treaty with Mexico and Canada, investors looked ahead to the annual Jackson Hole Economic Policy Symposium in Wyoming for further direction.

Reports of a fire alert on the Docklands Light Railway at Bank station in Central London made investors cautious.

Services between Shadwell and Bank stations in central London have been suspended.

The pound showed mixed performance in the Asian session. While the currency dropped against the yen, it held steady against the rest of major counterparts.

The pound dipped to near a 1-year low of 0.9214 versus the euro, after having advanced to 0.9161 at 3:00 am ET. Continuation of the pound's downtrend may see it challenging support around the 0.93 region.

Flash survey data from IHS Markit showed that Eurozone private sector activity maintained strong growth momentum in August, underpinned by strong expansion in the manufacturing output.

The flash composite output index rose slightly to 55.8 in August from 55.7 in July. Meanwhile, economists had expected the index to fall to 55.4.

The pound fell to near a 2-month low of 1.2791 against the dollar, off its previous high of 1.2834. The pound is poised to find support around the 1.26 region.

The pound dropped to 1.2380 versus the franc, following a high of 1.2429 hit at 3:00 am ET. If the pound-franc pair extends slide, 1.23 is possibly seen as its next support level.

The pound fell to a 5-day low of 139.88 against the Japanese yen, from an early high of 140.79. The next possible support for the pound-yen pair is seen around the 138.00 mark.

Looking ahead, U.S. Markit's PMI reports for August, U.S. new home sales data for July, Eurozone consumer confidence index for August and U.S. weekly crude oil inventories data are slated for release in the New York session.

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