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Forex News: Pound Slides On Brexit Impasse

Pound Slides On Brexit Impasse

05/08/2019 - 08:15:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Wednesday, as U.K. cross-party Brexit talks failed to show a breakthrough and pressure mounted on U.K. Prime Minister Theresa May to step down from her position.

Talks between the Government and Labor to break the Brexit deadlock delivered little progress on Tuesday, with Labor sources describing them as "tense and robust".

Talks are set to resume today, although expectations for an imminent breakthrough appeared slim.

Meanwhile, the PM was told by the chair of the 1922 Committee of Conservative MPs, Sir Graham Brady, that she must set out her own timetable for departure yesterday.

Tory backbenchers are meeting today to discuss changing party rules to quit May.

Figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house price inflation accelerated at a more than expected rate in April.

The house price index surged 5.0 percent year-on-year in April, following a 2.6 percent increase in March. Economists had expected a 4.5 percent rise.

The pound traded mixed against its major counterparts in the Asian session. While it held steady against the franc and the greenback, it fell against the yen and the euro.

The pound declined to an 8-day low of 0.8615 against the euro, from a high of 0.8552 seen at 5:00 pm ET. On the downside, 0.88 is seen as the next support level for the pound.

Preliminary data from the Federal Statistical Office showed that Germany's industrial production rose for a second straight month in March and at the fastest pace in three months, defying expectations for a decline.

Industrial production grew 0.5 percent monthly following a 0.4 percent increase in February, which was revised from 0.7 percent. Economists had forecast a 0.5 percent slump.

Having climbed to 1.3332 against the franc at 5:00 pm ET, the pound reversed direction and slipped to an 8-day low of 1.3225. Next key support for the pound is seen around the 1.30 area.

Data from the State Secretariat for Economic Affairs showed that Switzerland's jobless rate eased in April.

The non-adjusted jobless rate eased to 2.4 percent in April from 2.5 percent in the previous month, in line with economists' expectation.

Reversing from its early highs of 1.3081 against the greenback and 144.18 against the yen, the pound fell to a 5-day low of 1.3001 and near a 3-month low of 143.04, respectively. If the pound slides further, it may find support around 1.28 against the greenback and 141.00 against the yen.

Looking ahead, at 8:15 am ET, Canada housing starts for April are due.

At 8:30 am ET, Federal Reserve Governor Lael Brainard will deliver a speech at a Community Listening Session hosted by the Federal Reserve Bank of Richmond.

For comments and feedback: contact editorial@rttnews.com

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