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Forex News: Pound Slides As Hopes For Cross-party Deal Recedes

Pound Slides As Hopes For Cross-party Deal Recedes After Labour Backlash

05/06/2019 - 03:32:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in the Asian session on Monday, as hopes for a breakthrough in cross-party talks faded after U.K. Labour party blamed Prime Minister Theresa May for leaking details of the key terms of a possible agreement to the Press.

Speaking to BBC One's Andrew Marr show, Shadow Chancellor John McDonnell accused the Prime Minister of acting in "bad faith" by blowing the confidentiality of the talks to enhance her position.

"She's jeopardised the negotiations for her own personal protection," he said, adding: "We're dealing with a very unstable government.

The talks were centered on plans for a comprehensive, but temporary, customs arrangement with the EU that would last until the next general election.

Following the standoff, the PM pleaded with Jeremy Corbyn to help deliver Brexit in an article for the Mail on Sunday.

"Put our differences aside for a moment. Let's do a deal," May wrote.

The pound declined to 0.8534 against the euro, from a 1-1/2-month high of 0.8488 hit at 5:15 pm ET. The pound is seen finding support around the 0.86 level.

Having climbed to 1.3171 against the greenback at 6:45 pm ET, the pound reversed direction and edged down to 1.3112. The pound is poised to challenge support around the 1.30 area.

Reversing from a high of 145.94 hit at 7:00 pm ET, the pound dropped to 144.99 against the yen. Next key support for the pound is seen around the 142.5 region.

The pound slipped to 1.3319 against the franc, after rising to 1.3384 at 5:45 pm ET. On the downside, 1.31 is likely seen as the next possible support for the pound.

Looking ahead, PMIs from major European economies, Eurozone Sentix investor sentiment index for May and retail sales for March are due in the European session.

Federal Reserve Bank of New York President John Williams will speak at the Annual Bronx Bankers Breakfast in New York at 10:00 am ET.

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