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Forex News: Pound Declines As Risk Appetite Recedes

Pound Declines As Risk Appetite Recedes

06/11/2020 - 08:06:00 (RTTNews)

(RTTNews) - The pound fell against its major counterparts in the European session on Thursday, as concerns about a second wave of infections in the U.S. and pessimistic outlook from the Federal Reserve dampened risk sentiment.

The number of confirmed cases exceeded 2 million on Wednesday, as all states have reopened after pandemic shutdown.

New infections have been reported in Arizona, Texas, Florida and California, triggering warning of a potential second round of infections in the country.

Federal Reserve Chairman Jerome Powell warned of "a long road" to recovery and said the Fed's rescue efforts will not be enough on their own, and it would likely require additional fiscal stimulus from Congress to stave off a deeper economic downturn.

In economic releases, the U.K. house price indicator moved deeper into negative territory in May amid coronavirus pandemic, according to a survey data from the Royal Institution of Chartered Surveyors.

The house price balance fell to -32 percent in May from -22 percent in April. This was the weakest monthly figure since 2010.

The pound weakened to a 2-day low of 1.2651 against the greenback, compared to yesterday's closing value of 1.2747. The pound is poised to find support around the 1.20 level.

The pound depreciated to a 9-day low of 135.32 against the yen and a 10-day low of 1.1926 against the franc, from yesterday's closing values of 136.54 and 1.2028, respectively. The next possible support for the pound is seen around 128.00 against the yen and 1.13 against the franc.

The pound hit 0.8976 against the euro, setting a 6-day low. At yesterday's close, the pair was worth 0.8920. The pound is seen finding support around the 0.92 level.

Looking ahead, U.S. weekly jobless claims for the week ended June 6 and producer price index for May are due in the New York session.

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