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Forex News: Pound Weakens On Brexit Stalemate

Pound Weakens On Brexit Stalemate

02/22/2019 - 08:19:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Friday, as lack of progress in UK-EU divorce negotiations made investors' nervous.

The European Commission President Jean-Claude Juncker on Thursday told members of the European Economic and Social Committee that he is "not very optimistic" that a no-deal Brexit could be avoided.

May is scheduled to travel to an EU-Arab summit in Egypt this Sunday, although EU officials have already dismissed any chances to reach an agreement.

There are reports that up to 100 Tory MPs want May to delay Brexit if she cannot cannot reach a deal.

It comes ahead of another House of Commons vote on Brexit expected next Wednesday.

Meanwhile, European stocks were higher as optimism over U.S.-China trade talks prevailed and investors counted on more stimulus from Beijing to lift growth.

U.S.-China talks are entering a more serious phase with U.S. President Donald Trump scheduled to meet with Chinese Vice Premier Liu He in the White House today, with the goal of reaching a trade deal ahead of a March 1 deadline.

The currency held steady against its major rivals in the Asian session, excepting the yen.

The pound dropped to a 3-day low of 0.8715 against the euro, from a high of 0.8685 touched at 5:00 pm ET. The next likely support for the pound is seen around the 0.89 level.

Data from the Federal Statistical Office confirmed that Germany's economy stagnated in the final three months of the year, thus narrowly avoiding a technical recession.

Gross domestic product was unchanged from the third quarter, when the economy shrunk 0.2 percent. That was in line with the preliminary estimate released on February 14.

The U.K. currency slipped to a 3-day low of 1.3005 against the greenback, after rising to 1.3051 at 2:15 am ET. The pound is seen finding support around the 1.29 level.

The pound slid to 1.3013 against the franc, setting a 3-day low, reversing from a high of 1.3056 touched at 5:30 pm ET. Continuation of the pound's downtrend may take it to a support around the 1.27 region.

The pound retreated to 144.19 against the yen, from a high of 144.51 seen at 2:15 am ET. If the pound drops further, 142.00 is possibly seen as its next support level.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.2 percent on year in January.

That was in line with expectations and down from 0.3 percent in December.

Looking ahead, Canada retail sales for December are scheduled at 8:30 am ET.

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