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Forex News: Pound Weakens On Failure Of Brexit Deal

Pound Weakens On Failure Of Brexit Deal

12/05/2017 - 03:15:00 (RTTNews)

(RTTNews) - The pound dropped against its major counterparts in late Asian deals on Tuesday, as British Prime Minister Theresa May failed to strike a Brexit divorce deal with EU negotiators.

The talks stumbled yesterday after DUP refused to support Downing Street's commitment to keep Northern Ireland aligned with EU laws.

"Despite our best efforts and significant progress.?it was not possible to reach a complete agreement today," EU Commission President Jean-Claude Juncker said in a press conference on Monday.

May is under intense pressure to reach an agreement during the week for a crunch European Council summit on December 14.

Data from the British Retail Consortium showed that U.K. like-for-like sales rose an annual 0.6 percent in November. That follows the 1.0 percent contraction in October.

The pound edged down to a 5-day low of 1.3409 versus the dollar and a 4-day low of 150.99 versus the yen, from its early highs of 1.3482 and 151.72, respectively. If the pound extends slide, it may locate support around 1.33 against the greenback and 150.00 against the yen.

The pound reversed from its early high of 1.3277 against the franc, dropping to 1.3219. The next likely support for the pound is seen around the 1.31 mark.

The pound weakened to a 6-day low of 0.8848 against the euro, off its early high of 0.8797. On the downside, 0.90 is possibly seen as the next support for the pound.

Looking ahead, Eurozone retail sales for October and PMIs from major European economies are due shortly.

In the New York session, U.S. and Canadian trade data for October, ISM non-manufacturing composite index and Markit's U.S services PMI for November are slated for release.

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