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Forex News: Pound Falls On Brexit Uncertainty

Pound Falls On Brexit Uncertainty

02/07/2018 - 06:09:00 (RTTNews)

(RTTNews) - The pound dropped against its major rivals in the European session on Wednesday, weighed by uncertainty around Brexit deal, as a senior U.K. official warned that the U.K. cabinet is unlikely to forge the Brexit plan that European Union requires by the end of this week.

Amid divisions within the government, the PM Theresa May may not offer the required clarity on her government's Brexit blueprint sought by the EU, Bloomberg reported, citing a senior U.K. official.

Although top ministers are convening meetings on Wednesday and Thursday, they are unlikely to agree on plans for future trading relationship due to internal split.

Data from Halifax and IHS Markit showed that UK house prices decreased for the second straight month in January.

House prices fell unexpectedly by 0.6 percent in January from December, when they were down 0.8 percent. Prices were forecast to climb 0.2 percent.

The pound showed mixed trading against its major opponents in the Asian session. While it held steady against the euro and the franc, it rose against the greenback. Against the yen, it dropped.

The pound weakened to 1.3892 against the greenback, after advancing to 1.3993 at 2:15 am ET. The pound is seen finding support around the 1.37 level.

The pound edged down to 1.3026 against the franc, from a high of 1.3073 set at 2:15 am ET. The pound is likely to challenge support around the 1.285 region.

The pound reversed from an early 2-day high of 153.13 against the yen, falling to 151.41. On the downside, 149.00 is possibly seen as the next support level for the pound.

Preliminary figures from the Cabinet Office showed that Japan's leading index declined more-than-expected at the end of the year.

The leading index, which measures the future economic activity, dropped to 107.9 in December from 108.2 in November. Economists had expected the index to fall to 108.1.

The pound weakened to 0.8892 against the euro, reversing from an early high of 0.8860. Continuation of the pound's downtrend may see it challenging support around the 0.90 area.

Data from Destatis showed that Germany's industrial production declined in December.

Industrial output slid 0.6 percent month-on-month in December, in contrast to a revised 3.1 percent rise in November. Output was forecast to drop 0.5 percent.

Looking ahead, Canada building permits for December are set for release in the New York session.

New York Fed President William Dudley speaks about banking culture at an event jointly hosted by Thomson Reuters and the European American Chamber of Commerce, in New York.

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