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Forex News: Pound Falls After BoE Carney Warns Of Serious

Pound Falls After BoE Carney Warns Of Serious Consequences From No Deal Brexit

07/17/2018 - 08:36:00 (RTTNews)

(RTTNews) - The pound dropped against its major counterparts in the European session on Tuesday, trimming its early gains, after the Bank of England Governor Mark Carney warned of major economic consequences to the U.K., if a no-deal Brexit scenario arises.

"Speaking very narrowly about the financial services side, in the event of a no-deal scenario... there would be big economic consequences. We might have a lot of idle bankers as there is not a lot of demand for their services," Carney said lawmakers.

Crashing out would prompt the BoE's monetary policy committee to reassess the economic outlook and interest rates.

It is too early to predict the direction in which rate could move if a no-deal Brexit happens, he said.

Figures from the Office for National Statistics showed that Britain's employment level set a fresh record in the three months to May and unemployment remained at its lowest since 1975.

The number of employment reached a record high of 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.

The employment rate rose to a record 75.7 percent from 75.6 percent in the three months to April period.

Investors keep an eye on Federal Reserve Chairman Jerome Powell's semi-annual congressional testimony due shortly to see whether the Fed will raise rates again too soon.

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

The pound declined to weekly lows of 0.8874 against the euro and 1.3129 against the franc, from its early highs of 0.8840 and 1.3205, respectively. On the downside, 0.90 and 1.30 are likely seen as the next support levels for the pound against the euro and the franc, respectively.

The pound slipped to a 4-day low of 1.3186 against the dollar, after having advanced to 1.3269 at 4:45 am ET. The pound is likely to target support around the 1.30 area.

Reversing from an early high of 149.09 against the yen, the pound weakened to 148.47. The pound is seen finding support around the 147.00 mark.

Looking ahead, U.S. industrial production for June and NAHB housing market index for July, as well as Canada manufacturing sales for May are scheduled for release in the New York session.

At 10:00 am ET, the Fed Chairman Jerome Powell will testify before the Senate Banking Committee.

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