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Forex News: Pound Weakens As Carney Says BoE Cannot Overturn

Pound Weakens As Carney Says BoE Cannot Overturn Brexit Fallout

09/28/2017 - 06:48:00 (RTTNews)

(RTTNews) - The pound dropped against its major rivals in European deals on Thursday, after the Bank of England Governor Mark Carney cautioned that the monetary policy could not hinder weaker real income growth that is likely affect the economy from Brexit.

"Even though monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU, it can influence how this hit to incomes is distributed between job losses and price rises," Carney said at a conference in London to commemorate the granting of the central bank's independence in the 1990s.

The gains from independence has been highly effective in delivering price and financial stability, but it cannot deliver lasting prosperity and it cannot solve broader societal challenges, he told.

"The biggest determinants of the UK's medium-term prosperity will be the country's new relationship with the EU and the reforms it catalyses," he told.

The pound showed mixed trading in the Asian session. While the currency rose against the franc and the yen, it fell against the greenback. Against the euro, it held steady.

The pound weakened to a 3-day low of 0.8809 against the euro, after having advanced to 0.8760 at 9:30 pm ET. The pound is likely to find support around the 0.90 zone.

Survey data from the European Commission showed that Eurozone economic confidence strengthened in September.

The economic sentiment index rose to 113.0 in September from 111.9 in August. The reading was also above the expected 112.

Extending early slide, the pound dropped to 1.3343 against the greenback, its lowest since September 14.The next possible support for the pound is seen around the 1.32 area.

The pound hit a 2-day low of 150.47 against the Japanese yen, reversing from a high of 151.40 hit at 8:40 pm ET. If the pound-yen pair extends decline, 147.00 is possibly seen as its next support level.

The pound hovered at a 2-day low of 1.3002 against the Swiss franc, compared to Wednesday's closing value of 1.3010. Further downtrend may see the pound challenging support around the 1.29 area.

Looking ahead, at 8:00 am ET, German preliminary CPI for September is due.

In the New York session, U.S. weekly jobless claims for the week ended September 23, second quarter GDP data, advance goods trade balance and wholesale inventories for August are due.

At 9:45 am ET, Kansas City Fed President Esther George speaks on economy and monetary policy in Missouri, Kansas.

At 10:15 am ET, Federal Reserve Governor Stanley Fischer delivers a speech titled "Reflections on the framework today" at the Bank of England's conference celebrating 20 years of independence, in London.

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