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Forex News: Pound Slides On Brexit Jitters

Pound Slides On Brexit Jitters

03/28/2019 - 09:19:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Thursday, as Brexit deadlock continued after the DUP party remain opposed to the Prime Minister's Brexit deal.

Despite some additional support for May's deal from some key Eurosceptic figures in her Conservative party, the DUP has not changed its opposition to the deal, making its approval difficult in the Commons.

MPs voted on eight alternative options for the next Brexit steps on Wednesday, though none attained a majority.

The PM won some support by agreeing to quit ahead of the next round of EU negotiations, if MPs pass her Brexit deal.

MPs, who have seized control of the parliamentary timetable from the government, put forward a series of options to take Brexit forward - including a new referendum to leave the European Union, 'no deal' scenario on April 12 and remaining within a customs union.

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

The pound dropped to a 6-day low of 1.3101 against the greenback, from a high of 1.3208 hit at 5:15 pm ET. On the downside, 1.30 is likely seen as the next support for the pound.

Having advanced to 1.3140 against the franc at 5:15 pm ET, the pound reversed direction and depreciated to a 6-day low of 1.3051. Next key support for the pound is likely seen around the 1.29 region.

The pound declined to a weekly low of 144.51 against the yen, following a high of 145.92 seen at 5:15 pm ET. If the pound declines further, 142.5 is likely seen as its next support level.

The pound slipped to a 2-day low of 0.8572 against the euro and held steady thereafter. The pair closed yesterday's deals at 0.8524.

Survey data from the European Commission showed that Eurozone's economic sentiment deteriorated at a faster than expected pace in March, and for the ninth month in row.

The economic sentiment index fell to 105.5 from 106.2 in February. Economists had expected a score of 105.9.

Looking ahead, U.S. pending home sales for February are scheduled for release in the New York session.

Federal Reserve Governor Richard Clarida is scheduled to participate in a panel discussion titled "Global Shocks and the U.S. Economy" at a symposium hosted by the Bank of France in Paris at 9:30 am ET.

Federal Reserve Governor Michelle Bowman will deliver a speech about agriculture and community banking at a town hall event in New Mexico at 10:00 am ET.

At 1:00 pm ET, the Swiss National Bank Governing Board Member Andrea Maechler will give a speech about the development of payments in the Digital Age at the Money Market Event in Zurich.

For comments and feedback: contact editorial@rttnews.com

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