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Forex News: Pound Slides Against Majors

Pound Slides Against Majors

05/18/2018 - 07:41:00 (RTTNews)

(RTTNews) - The pound weakened against its major rivals in European deals on Friday, as sentiment faded on caution about trade negotiations between the U.S. and China in Washington.

Trump said Thursday that he is not sure over whether talks would help avert a trade war with China.

Italy's anti-establishment Five Star Movement and the far-right League reached an agreement to form a coalition government that could assume power as early as next week.

The common programme is aimed at "limited deficit spending" to boost GDP growth and a review of the EU's fiscal rules.

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

The pound edged down to 1.3482 against the greenback, after having risen to 1.3528 at 3:00 am ET. On the downside, 1.32 is likely seen as the next support for the pound.

Following more than a 2-week high of 150.01 hit at 10:45 pm ET, the pound retreated to 149.54 against the yen. If the pound continues its fall, 147.00 is possibly seen as its next support level.

Data from Destatis showed that Germany's consumer price inflation accelerated unexpectedly in April, though marginally.

Producer price inflation rose to 2.0 percent in April from 1.9 percent in March. Meanwhile, the rate was forecast to slow to 1.8 percent.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.6 percent on year in April.

That was shy of expectations for a gain of 0.7 percent and was down sharply from 1.1 percent in March.

The pound hit a 2-day low of 1.3474 againt the franc, from a high of 1.3539 hit at 6:15 pm ET. The next possible support for the pound is seen around the 1.33 level.

The pound dropped to 0.8754 againt the euro, reversing from a high of 0.8723 hit at 5:00 pm ET. Next key support for the pound is likely seen around the 0.885 level.

Looking ahead, Canada retail sales for March and consumer prices for April are due in the New York session.

At 9:15 am ET, Fed Governor Lael Brainard will deliver a speech titled "Community Reinvestment Act Modernization" at the Association for Neighborhood and Housing Development's Community Development Conference in New York.

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