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Forex News: Pound Weakens On Fears Of No-deal Brexit

Pound Weakens On Fears Of No-deal Brexit

07/23/2018 - 07:12:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Monday, as U.K. Brexit secretary Dominic Raab warned a "no deal" Brexit is possible if talks fall through by October.

In an interview with the Sunday Telegraph, Raab said that the U.K would withhold its GBP 39 billion divorce bill unless EU does not compromise for a future deal.

"Article 50 requires, as we negotiate the withdrawal agreement, that there's a future framework for our new relationship going forward, so the two are linked."

"You can't have one side fulfilling its side of the bargain and the other side not, or going slow, or failing to commit on its side. So I think we do need to make sure that there's some conditionality between the two," he added.

Survey by IHS Markit and Ipsos Mori showed that British households' finance outlook turned positive for the first time since March 2016, while their financial pressures softened in July.

The seasonally adjusted Household Finance Index, or HFI, rose to 44.6 in July from 43.6 in June.

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

The pound dropped to 1.3113 against the greenback, after having advanced to a 6-day high of 1.3158 at 3:45 am ET. If the pound continues its fall, 1.30 is possibly seen as its next support level.

Extending early slide, the pound dropped to near a 3-week low of 145.68 against the yen. Next key support for the pound is seen around the 144.00 mark.

The U.K. currency retreated to 1.3009 against the Swiss franc, from a high of 1.3035 seen at 6:30 pm ET. On the downside, 1.29 is likely seen as the next support level for the pound.

Data from the Swiss National Bank showed that Switzerland's money supply grew at a slower pace in June.

The broad monetary aggregate, M3, rose 2.4 percent year-on-year in June, slower than the 2.8 percent increase seen in May.

On the flip side, the pound advanced to a 4-day high of 0.8911 against the euro, reversing from a low of 0.8937 hit at 5:00 pm ET. The pound is seen finding resistance around the 0.88 level.

Looking ahead, Eurozone advanced consumer sentiment index for July is due at 10:00 am ET.

At the same time, U.S. existing home sales for June are scheduled for release.

Bank of England Deputy Governor Ben Broadbent speaks about the history and future of quantitative easing at the Society of Professional Economists in London at 1:00 pm ET.

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