FOREX TradingCharts.com

Forex News: Pound Lower On Mounting No-deal Brexit Worries

Pound Lower On Mounting No-deal Brexit Worries

07/30/2019 - 06:18:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts on Tuesday, as concerns about a no-deal Brexit intensified after British Prime Minister Boris Johnson asserted that the withdrawal agreement is dead unless the Irish border backstop is abolished.

During his visit to Scotland, Johnson has declared the "undemocratic" backstop arrangement between the country and the EU "is dead" but insisted a Brexit deal can be reached.

"What we want to do is to make it absolutely clear that the backstop is no good, it's dead, it's got to go. The withdrawal agreement is dead. It's got to go," Johnson said.

The PM has refused to enter into talks with German chancellor Angela Merkel and French president Emmanuel Macron until the EU agreed to abandon the Irish border backstop.

Investors became cautious about the possibility of the UK leaving the EU at the end of October without a deal amid hardline stance of Tory government.

The Bank of England is set to announce its interest rate decision on Thursday. The central bank is expected to leave interest rates unchanged.

The pound fell to 1.2019 against the Swiss franc, a level unseen since November 2016. The currency is likely to find support around the 1.18 level.

Data from the KOF Swiss Economic Institute showed that Switzerland's economy continues to remain weak despite some improvement in the economic prospects.

The KOF Economic Barometer, a leading indicator for the trends in the alpine economy, sharply rose to 97.1 in July, which was much higher than the 93.7 score economists had forecast.

The U.K. currency depreciated to a 7-month low of 131.61 against the yen from Monday's closing value of 132.91. If the pound declines further, it may find support around the 130.00 level.

The Bank of Japan maintained its ultra-loose monetary policy and pledged to ease further if needed to achieve inflation target.

As widely expected, the Policy Board of the BoJ voted 7-2 to maintain interest rate at -0.1 percent on current accounts that financial institutions maintain at the bank.

The pound weakened to 1.2119 against the greenback, its lowest since March 2017. The pound is seen finding support around the 1.20 level.

The pound headed towards the key 0.92 level against the euro, falling to near a 2-year low of 0.9190. On the downside, 0.925 is possibly seen as the next support level for the pound.

Survey data from the market research group GfK showed that Germany's consumer confidence is set to fall in August on fears of a recession.

The forward-looking consumer sentiment index came in at 9.7 in August versus 9.8 in July. This was the third decline in succession and the lowest since April 2017.

Looking ahead, German preliminary consumer inflation for July will be out at 8:00 am ET.

In the New York session, U.S. personal income and spending data for June, S&P/Case-Shiller home price index for May, pending home sales for June and consumer confidence index for July will be featured.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Ticks Down Following U.S. New Home Sales (02 min(s), 22 sec(s) ago)
(RTTNews) - After the release of U.S. new home sales for July at 10:00 am ET Friday, the greenback ...Full Story»

Australian Dollar Falls As China Announce Retaliatory Tariffs (08 min(s), 21 sec(s) ago)
(RTTNews) - The Australian dollar declined against its major counterparts in the European session ...Full Story»

Loonie Rises Following Canada Retail Sales (01 hr(s), 32 min(s), 22 sec(s) ago)
(RTTNews) - After the release of Canada retail sales for June at 8:30 am ET Friday, the loonie ros ...Full Story»

Loonie Mixed Ahead Of Canada Retail Sales (01 hr(s), 41 min(s), 22 sec(s) ago)
(RTTNews) - Statistics Canada is set to release Canada retail sales for June at 8:30 am ET Friday. ...Full Story»

U.S. Dollar Higher Ahead Of Powell's Speech (03 hr(s), 50 min(s), 22 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on ...Full Story»

Pound Strengthens On Merkel's Comments On Brexit Deal (42 min(s), 38 sec(s) ago)
(RTTNews) - The pound strengthened against its major counterparts in the New York session on Thurs ...Full Story»

Euro Little Changed After Eurozone Consumer Sentiment Index (38 sec(s) ago)
(RTTNews) - Following the release of Eurozone flash consumer sentiment index for August at 10:00 a ...Full Story»

Canadian Dollar Advances On Rising Oil Prices (56 min(s), 22 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European sessio ...Full Story»

Search

FOREX NEWS

Dollar Ticks Down Following U.S. New Home Sales

08/23/2019 - 10:04 AM (RTTNews)
(RTTNews) - After the release of U.S. new home sales for July at 10:00 am ET Friday, the greenback ...Full Story>>

Australian Dollar Falls As China Announce Retaliatory Tariffs

08/23/2019 - 09:58 AM (RTTNews)
(RTTNews) - The Australian dollar declined against its major counterparts in the European session ...Full Story>>

Loonie Rises Following Canada Retail Sales

08/23/2019 - 08:33 AM (RTTNews)
(RTTNews) - After the release of Canada retail sales for June at 8:30 am ET Friday, the loonie ros ...Full Story>>

Loonie Mixed Ahead Of Canada Retail Sales

08/23/2019 - 08:25 AM (RTTNews)
(RTTNews) - Statistics Canada is set to release Canada retail sales for June at 8:30 am ET Friday. ...Full Story>>

U.S. Dollar Higher Ahead Of Powell's Speech

08/23/2019 - 06:17 AM (RTTNews)
(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.