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Forex News: Pound Weakens As U.K. Minister Warns Of No

Pound Weakens As U.K. Minister Warns Of No Deal Brexit

08/06/2018 - 06:19:00 (RTTNews)

(RTTNews) - The pound dropped against its major counterparts in early European deals on Monday, as U.K. International Trade Secretary Liam Fox remarked that the possibility of Britain leaving the European Union without a deal has intensified due to the "intransigence" by EU officials.

In an interview with The Sunday Times, Fox said that the chances of a no-deal Brexit are "60-40."

"I think the intransigence of the commission is pushing us towards no deal," he said.

"I think it's essential that 'no deal' looks credible to the EU," he added.

Caution prevailed as the U.S.-China friction raised fears over global growth and German industrial orders data disappointed.

Worries over a trade war renewed as China proposed retaliatory tariffs on $US60 billion worth of goods across a range of sectors.

The currency showed mixed trading against its major counterparts in the Asian session. While it rose against the franc and the euro, it dropped against the yen and the greenback.

The pound dropped to near an 11-month low of 1.2954 against the dollar, after rising to 1.3006 at 7:15 pm ET. On the downside, 1.28 is possibly seen as the next support level for the pound.

The pound slipped to a 4-day low of 0.8921 against the euro, from a 4-day high of 0.8890 seen at 7:30 pm ET. If the pound falls further, 0.91 is likely seen as its next support level.

Survey data by think tank Sentix showed that Eurozone confidence among investors improved to a 3-month high in August as they see signs of relief in the EU's trade dispute with the US.

The investor sentiment index climbed to 14.7 in August from 12.1 in July. This was the highest score since June. The expected reading was 13.4.

Reversing from an early high of 1.2943 against the franc, the pound weakened to a 5-month low of 1.2895. The pound is likely to challenge support around the 1.27 level.

The U.K. currency hit a 1-1/2-month low of 144.08 against the yen, following a high of 144.74 touched at 10:15 pm ET. The next likely support for the pound is seen around the 142.00 level.

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