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Forex News: Pound Falls Amid US-China Trade Worries

Pound Falls Amid US-China Trade Worries

05/09/2019 - 07:38:00 (RTTNews)

(RTTNews) - The pound slipped against its major opponents in the European session on Thursday, as European shares dropped amid fears that the U.S.-China conflict could escalate.

After U.S. President Donald Trump threatened to levy additional tariffs on Chinese goods, Beijing said it would retaliate with "necessary countermeasures".

As hopes for a trade resolution wane, China's vice premier and top trade official, Liu He, will arrive in Washington later today for two days of talks.

Talks between the ruling Conservative and opposition Labor party were reportedly close to collapse, further weighing on the currency.

Meanwhile, May told MPs on Wednesday that talks with Labor will proceed and she's still intending to reach a deal that can secure a majority in Parliament.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the greenback and the franc, it held steady against the euro. Against the yen, it dropped.

The pound fell to 0.8620 against the euro, from a high of 0.8597 hit at 1:45 am ET. On the downside, 0.88 is seen as the next support level for the pound.

The pound that closed yesterday's trading at 1.3005 against the greenback weakened to a 9-day low of 1.2975. Next key support for the pound is seen around the 1.27 area.

The U.K. currency depreciated to a 9-day low of 1.3206 against the franc from yesterday's closing value of 1.3269. If the pound slides further, it may find support around the 1.30 level.

The pound declined to 142.23 against the yen, a level unseen since February 19. The pound is likely to find support around the 140.00 level.

Data from the Cabinet Office showed that Japan's consumer confidence weakened to the lowest level in more than three years in April.

The consumer confidence index for households with two or more persons fell to a seasonally adjusted 40.4 in April from 40.5 in March. Economists had expected a score of 40.3.

Looking ahead, Canada trade data and new housing price index for March, U.S. PPI for April, weekly jobless claims for the week ended May 4, trade data and wholesale inventories for March are due in the New York session.

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