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Forex News: Pound Slides Despite Brexit Extension

Pound Slides Despite Brexit Extension

04/11/2019 - 06:55:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Thursday, as investors shrugged off the European Union's decision to grant the Brexit deadline extension to October 31.

Following late-night talks in Brussels, the European Council agreed to grant a flexible extension for the U.K. to withdraw from the European Union by another six months, avoiding a no-deal outcome.

The U.K., however, will be able to depart from the bloc as soon as a deal is agreed by the Parliament.

Investors focus on U.K. cross-party talks aimed find a compromise on Brexit deal.

European stocks drifted lower, as fears of a global growth slowdown intensified, offsetting a temporary Brexit relief.

Investors digested Fed minutes that showed continued concerns about slowing economic growth abroad and a likelihood of shift in interest rates in either direction.

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

The pound retreated to 145.13 against the yen, from a high of 145.70 seen at 3:00 am ET. The next possible support for the pound is seen around the 142.00 level.

The U.K. currency edged down to 1.3075 against the Swiss franc, following a high of 1.3136 touched at 12:45 am ET. If the pound drops further, 1.29 is possibly seen as its next support level.

After rising to 1.3109 against the greenback at 12:45 am ET, the pound changed direction and weakened to 1.3058. The pound is poised to find support around the 1.28 level.

The pound fell to a session's low of 0.8634 against the euro, reversing from a high of 0.8605 hit at 12:45 am ET. The pound is seen finding support around the 0.88 level.

Preliminary data from Eurostat showed that Eurozone house price inflation slowed in the fourth quarter of 2018 after remaining unchanged in the previous three months.

House prices rose 4.2 percent year-on-year following a 4.3 percent increase in each of the previous two quarters. In the first quarter, prices grew 4.5 percent.

Looking ahead, Canada house price index for February, U.S. weekly jobless claims for the week ended April 6 and producer prices for March are due in the New York session.

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