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Forex News: Pound Lower On Brexit Uncertainty

Pound Lower On Brexit Uncertainty

08/05/2019 - 07:21:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Monday, as Brexit concerns intensified after U.K. Prime Minister Boris Johnson's senior adviser remarked that a no-deal Brexit is irresistible.

The newly-appointed Number 10 adviser Dominic Cummings said that even if the PM loses a vote of no confidence in the House of Commons, no-deal Brexit is possible, according to a report in the Sunday Telegraph.

Cummings further said that Johnson could call a general election for a date after October 31 in order to force no-deal Brexit.

Data from IHS Markit showed that the UK service sector growth improved in July on renewed increase in new work.

The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 51.4 in July from 50.2 in June. The reading was forecast to rise marginally to 50.5.

The currency has been trading in a negative territory against its major rivals in the Asian session, excepting the greenback.

The pound declined to 1.1821 against the franc for the first time since October 2016. The next possible support for the pound is seen around the 1.14 level.

Data from the Federal Statistical Office showed that Switzerland's retail sales grew in June.

Retail sales rose a working day adjusted real 0.7 percent year-on-year in June, after a 1.1 percent decline in May.

The pound retreated to 1.2102 against the greenback, from a 5-day high of 1.2188 hit at 8:45 pm ET. If the pound slides further, it may find support around the 1.19 level.

The U.K. currency slipped to 128.17 against the yen, its lowest since November 2016. The pound is seen finding support around the 125.00 level.

The pound fell to near a 2-year low of 0.9199 against the euro, from a high of 0.9130 seen at 5:00 pm ET. On the downside, 0.94 is possibly seen as the next support level for the pound.

Final data from IHS Markit showed that the euro area private sector growth softened largely due to deepening downturn in manufacturing activity in July.

The final composite output index fell to 51.5 in July from 52.2 in June. The reading came in line with the preliminary estimate.

Looking ahead, at 10:00 am ET, U.S. ISM non-manufacturing composite index for July is scheduled for release.

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