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Forex News: Pound Declines Ahead Of Key Economic Data

Pound Declines Ahead Of Key Economic Data

01/16/2023 - 10:16:00 (RTTNews)

(RTTNews) - The pound was lower against its major rivals in the European session on Monday, as investors await key data on inflation and jobs due out from the U.K. this week.

The Office for National Statistics will release employment data on Tuesday. The ILO jobless rate is expected to remain unchanged at 3.7 percent in the three months to November.

Consumer inflation data due on Wednesday is expected to show that price pressures continue to ease in December.

Economists expect consumer prices to rise 10.6 percent year-on-year in December, down from 10.7 percent in November.

The World Economic Forum kicked off in Switzerland, with the war in Ukraine, economic instability and uncertainty and climate change on the agenda.

The pound pulled back against the yen, with the pair trading at 156.65. If the pound slides further, 153.00 is possibly seen as its next support level.

The pound dropped to 0.8879 against the euro and 1.2171 against the greenback, from its previous 4-day high of 0.8846 and near a 5-week high of 1.2289, respectively. The next possible support for the pound is seen around 0.90 against the euro and 1.195 against the greenback.

The pound was lower against the franc, at a 5-day low of 1.1273. The currency is likely to find support around the 1.11 level.

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