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Forex News: Pound Falls On Brexit Concerns As MPs Return

Pound Falls On Brexit Concerns As MPs Return To Parliament

09/02/2019 - 07:36:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Monday, as odds over a no-deal Brexit intensified after Prime Minister Boris Johnson threatened to sack Conservative MPs if they back plans to stop no-deal Brexit.

The U.K. Parliament will return from Summer recess on Tuesday, sitting for a few days before suspending in the following week. The prorogation was intended to prevent Parliamentary attempts to block a no-deal Brexit.

Following talks at Chequers retreat on Sunday, Conservative rebel MPs were told that they will have the whip withdrawn and forbid from standing as candidates for the party in an election.

Data from Markit Economics showed U.K.'s manufacturing sector suffered the steepest contraction in over seven years in August.

The IHS Markit/CIPS UK Manufacturing PMI fell to 47.4 in August 2019 from 48.0 in the previous month. Economists were looking for a reading of 49.5.

The currency was trading in a positive territory against its major opponents in the Asian session.

The pound fell to near a 2-week low of 1.2074 against the greenback, from a high of 1.2175 seen at 2:15 am ET. The next possible support for the pound is seen around the 1.19 level.

The pound declined to a weekly low of 128.34 against the yen from last week's closing value of 129.23. The currency is likely to find support around the 125.5 level.

Survey data from IHS Markit showed that Japanese firms' capital investment increased in the second quarter despite the Sino-U.S. trade war but companies reported a notable fall in profits compared to last year.

The manufacturing sector logged one of the strongest contraction seen over the past three years in August as output and orders continued to decline, while employment was the only positive indicator.

The U.K. currency that closed Friday's trading at 1.2036 against the franc slipped to a 4-day low of 1.1960. If the pound slides further, 1.17 is possibly seen as its next support level.

Data from the Federal Statistical Office showed that Switzerland's retail sales grew at the fastest pace in nine months in July.

Retail sales rose a working day adjusted real 1.4 percent year-on-year in July, following a 0.7 percent increase in June.

The pound hit a 4-day low of 0.9089 versus the euro, compared to 0.9032 hit late New York Friday. The pound is seen finding support around the 0.92 level.

Final data from IHS Markit showed that the Eurozone manufacturing sector continued to contract for the seventh straight month in August but the pace of decline slowed from previous month.

The Purchasing Managers' Index rose to 47.0 in August from 46.5 in July. This was the second lowest reading since April 2013 and in line with the flash estimate published on August 22.

The U.S. markets are closed for the Labor day holiday.

For comments and feedback: contact editorial@rttnews.com

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