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Forex News: Pound Slides Amid Risk Aversion

Pound Slides Amid Risk Aversion

05/07/2019 - 06:36:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in the European session on Tuesday amid risk aversion, as investors kept an eye on the latest developments around U.S.-China trade talks and data showed German factory orders rebounded less than expected in March.

The U.S. has accused China of backtracking on commitments in trade talks, but a Chinese negotiating team will still travel to Washington this week to continue the stalled trade talks.

U.S. Trade Representative Robert Lighthizer said he expected top Chinese negotiator Vice Premier Liu He would lead a delegation coming from Beijing for talks in Washington on Thursday and Friday.

Auto and resource stocks were the leading decliners driven by their exposure to China.

The currency was trading higher against its major counterparts in the Asian session.

The pound retreated to 1.3085 against the greenback, from a high of 1.3131 hit at 12:30 am ET. On the downside, 1.29 is likely seen as the next possible support for the pound.

The pound fell to a weekly low of 144.75 against the yen, after rising to 145.37 at 2:45 am ET. The pound is seen finding support around the 142.5 level.

Pulling away from a high of 1.3354 hit at 3:00 am ET, the pound reversed direction and fell back to 1.3325 against the franc. The next possible support for the pound is seen around the 1.32 region.

The U.K. currency hit a 4-day low of 0.8559 against the euro, following a high of 0.8538 touched at 12:30 am ET. If the pound slides further, 0.87 is likely seen as its next support level.

Preliminary data from the Federal Statistical Office showed that German manufacturing orders grew less than forecast in March after falling in the previous two months.

Factory orders grew 0.6 percent from February, when they fell 4 percent. Economists had forecast a 1.5 percent increase in orders in the month.

Looking ahead, Canada Ivey PMI for April and U.S. consumer credit for March will be out in the New York session.

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