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Forex News: Pound Falls On U.K. Political Worries

Pound Falls On U.K. Political Worries

01/29/2018 - 08:43:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Monday amid U.K. political worries, as media reports showed that the PM Theresa May is facing growing pressure from the ruling Conservative party to give clear direction on Brexit plan.

Tory infighting has worsened last week, with May urged to "get a grip" and lay out a "clear" vision about Brexit.

Leading Brexiteer Jacob Rees-Mogg warned that the Brexit transition is "troubling on a number of counts" and the U.K. negotiators were being "cowed by the EU."

May is risking the challenge of a no-confidence vote from the Party, unless she sets out her Brexit plans in more detail, according to reports.

Meanwhile, European stocks were mixed as investors waited for cues from fresh economic releases and a slew of corporate earnings.

Janet L. Yellen will preside over her final meeting as Federal Reserve chairwoman on Tuesday and Wednesday, while Bank of England Governor Mark Carney will speak before the U.K. Parliament's Economic Affairs Committee in London on Tuesday.

Investors also await the closely-watched U.S. jobs report, Chinese manufacturing and services sector data and President Trump's first State of the Union address for further direction.

The currency showed mixed trading in the Asian session. While it rose against the yen and the franc, it held steady against the greenback and the euro.

The pound hit a weekly low of 0.8816 versus the euro and a 5-day low of 1.4057 against the dollar, down from its early highs of 0.8771 and 1.4158, respectively. On the downside, 0.90 and 1.38 are possibly seen as the next support levels for the pound against the euro and the dollar, respectively.

The pound slid to near a 2-week low of 152.82 against the yen and near a 4-week low of 1.3147 against the franc, off its previous highs of 154.02 and 1.3257, respectively. The next possible support for the pound is seen around 151.00 against the yen and 1.30 against the franc.

Looking ahead, Dallas Fed manufacturing activity for January is set for release in the New York session.

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