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Forex News: Pound Falls As Scottish PM Vows To Restart

Pound Falls As Scottish PM Vows To Restart Scotland Independence Debate

05/21/2018 - 08:31:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Monday, as Scotland's first minister Nicola Sturgeon announced her plans to "restart a debate" on Scottish independence in the next few weeks.

The first minister made her comments ahead of the launch of a new blueprint for Scottish independence, which will examine the economic opportunities of independence.

"Once we get some clarity, which hopefully we will in autumn of this year, about the Brexit outcome and the future relationship between the U.K and the EU, then I will consider again the question of the timing of an independence referendum," she said on ITV's Peston on Sunday.

"But of course over the next couple of weeks we will, I suppose, restart a debate about why independence for Scotland is an opportunity and what those opportunities are," Nicola Sturgeon said.

Data from property tracking website Rightmove showed that the U.K. house prices rose 0.8 percent on month in May.

That followed the 0.4 percent monthly increase in April.

The pound declined against its most major rivals in the Asian session, with the exception of the yen.

The pound declined to near a 5-month low of 1.3391 against the greenback, after rising to 1.3483 at 6:00 pm ET. On the downside, 1.32 is likely seen as the next support for the pound.

The pound fell to 1.3384 against the franc, its weakest since April 2. The next possible support for the pound is seen around the 1.32 level.

Reversing from an early high of 149.65 against the yen, the pound weakened to a 4-day low of 149.01. If the pound continues its fall, 148.00 is possibly seen as its next support level.

Data from the Ministry of Finance showed that Japan logged a merchandise trade surplus of 626.0 billion yen in April.

That exceeded expectations for a surplus of 440.0 billion yen following the downwardly revised 797.0 billion yen surplus in March.

The U.K. currency slipped to a 5-day low of 0.8774 against the euro, from a high of 0.8726 hit at 9:00 pm ET. Next key support for the pound is likely seen around the 0.89 level.

Looking ahead, at 12:15 pm ET, Atlanta Fed President Raphael Bostic speaks about the economic outlook and price-level targeting at the Atlanta Economics Club.

For comments and feedback: contact editorial@rttnews.com

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