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Forex News: Pound Weakens Amid U.K. Political Turmoil

Pound Weakens Amid U.K. Political Turmoil

11/13/2017 - 06:16:00 (RTTNews)

(RTTNews) - The pound declined against its key counterparts in early European deals on Monday, as worries over the U.K. Prime Minister Theresa May's leadership emerged after a media report showed that Conservative party lawmakers have agreed to sign a letter of no confidence in the P.M.

The Sunday Times newspaper reported that as many as 40 Tory MPs were backing a motion of "no confidence" against the P.M., criticizing for her handling of EU negotiations.

This fell short of 48 MPs required to force a leadership challenge and remove May from office.

Separately, a leak letter from Foreign Secretary Boris Johnson and Environment Secretary Michael Gove May showed that the pair complained to the Prime Minister regarding "insufficient energy" on Brexit in some parts of the government and urged for a hard Brexit approach.

"If we are to counter those who wish to frustrate that end, there are ways of underlining your resolve," Johnson and Gove wrote in the letter.

Data from property tracking website Rightmove showed that the U.K. house prices slipped 0.8 percent on month in November.

That followed the 1.1 percent increase in October. The currency has been trading in a negative territory in the Asian session.

The pound fell to a 10-day low of 0.8918 against the euro, off its early high of 0.8844. Continuation of the pound's downtrend may see it challenging support around the 0.90 area.

Data from Destatis showed that Germany's wholesale price inflation eased to a 3-month low in October.

Wholesale prices climbed 3 percent year-on-year in October, slower than the 3.4 percent increase seen in September. This was the weakest growth since July, when prices gained 2.2 percent.

Having advanced to 1.3180 against the greenback at 5:15 pm ET, the pound dropped to a weekly low of 1.3062. The pound is seen finding support around the 1.30 area.

The pound weakened to near a 4-week low of 148.06 against the yen and near a 3-week low of 1.3019 versus the franc, off its previous highs of 149.68 and 1.3127, respectively. The pound is seen finding support around 1.47 against the yen and 1.29 against the franc.

Looking ahead, U.S. budget statement for October is due in the New York session.

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