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Forex News: Pound Falls As No-deal Brexit Fears Rise After

Pound Falls As No-deal Brexit Fears Rise After Ministers Tough Talk

07/29/2019 - 06:26:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the early European session on Monday, as fears over a no-deal Brexit intensified after reports that ministers have stepped up its preparations since EU officials repeatedly rejected requests to renegotiate the withdrawal deal.

PM Boris Johnson had vowed to leave with or without an agreement and began preparations for a no-deal Brexit.

Johnson's cabinet minister, Michael Gove, warned that the government was "working on the assumption" of a no-deal Brexit, adding that it seemed "a very real prospect."

Speaking to Sky, Chief Secretary to the Treasury Rishi Sunak said that they were "turbo-charging preparations for no-deal" that was the government's number one concern.

Data from the Bank of England showed that UK mortgage approvals declined to the lowest since January.

The number of mortgage approvals fell to 66,440 in June from 65,647 in May. This was the lowest since January and below the forecast of 65,800.

The currency weakened against its major rivals in the Asian session, excepting the euro.

The pound depreciated to near a 2-week low of 133.85 against the yen, from last week's closing value of 134.56. If the pound slides further, it may find support around the 131.5 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's retail sales were roughly unchanged in June on a seasonally adjusted basis.

That exceeded expectations for a decline of 0.3 percent following the upwardly revised 0.4 percent gain in May

The U.K. currency declined to 1.2217 against the franc, its weakest since March 17. The currency is likely to find support around the 1.19 level.

The pound that closed Friday's trading at 1.2380 against the greenback fell sharply to more than a 2-year low of 1.2320. The pound is poised to find support around the 1.21 level.

The pound slid to near a 2-week low of 0.9027 against the euro, compared to 0.8984 hit late New York Friday. The pound is seen finding support around the 0.92 level.

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