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Forex News: Pound Retreats Amid U.K. Political Uncertainty

Pound Retreats Amid U.K. Political Uncertainty

06/01/2017 - 07:01:00 (RTTNews)

(RTTNews) - The British pound retreated from recent highs against other major currencies in the European session on Thursday, as traders became cautious after the latest election news that signaled a hung parliament.

A Times/YouGov poll showed that Britain's ruling Conservatives are still leading Labour by three points ahead of June 8 election.

Investors keenly await Friday's U.S. non-farm payrolls numbers, as a positive report could pave the way for a rate hike in mid-June.

The currency rose earlier following the release of upbeat U.K. manufacturing PMI report. But, the currency retreated in a short while.

Data from IHS Markit and the Chartered Institute of Procurement & Supply showed that the U.K. manufacturing sector growth moderated in May from a three-year high. The factory Purchasing Managers' Index fell to 56.7 in May from 57.3 in April. Nonetheless, the score was above the expected level of 56.5 and signaled an improvement in conditions for the tenth consecutive month.

In the Asian trading today, the pound held steady against its major rivals.

In the European trading, the pound fell to a 2-1/2-month low of 0.8755 against the euro and more than a 2-month low of 1.2441 against the Swiss franc, from early highs of 0.8714 and 1.2507, respectively. If the pound extends its downtrend, it is likely to find support around around 0.88 against the euro and 1.23 against the franc.

Against the U.S. dollar, the pound dropped to 1.2829 from an early high of 1.2892. The pound may test support near the 1.25 region.

The pound edged down to 142.53 against the yen, from an early 5-day high of 143.22. On the downside, 140.00 is seen as the next support level for the pound.

Looking ahead, Canada and U.S. manufacturing PMI for May, U.S. weekly jobless claims for the week ended May 27, U.S. ADP private sector jobs data for May, U.S. construction spending for April, and U.S. crude oil inventories data are slated for release in the New York session.

At 8:00 am ET, Federal Reserve Board Governor Jerome Powell is expected to speak on Normalization of Monetary Policy to the Economic Club of New York.

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