FOREX TradingCharts.com

Forex News: Pound Depreciates On New Covid-19 Variant Concerns

Pound Depreciates On New Covid-19 Variant Concerns

11/26/2021 - 08:19:00 (RTTNews)

(RTTNews) - The pound fell against its most major counterparts in the European session on Friday, as the emergence of the South African variant sparked growth concerns, prompting traders to reduce their expectations about the possibility of the Bank of England rate hike in December.

Traders are assigning only a 55 percent probability of 15 basis-point rate hike at the December meeting, down from odds of 75 percent seen on Thursday.

Global markets fell, as investors worry about the spread of new COVID-19 variant and its impact on the global economy.

Several countries, including the U.K. tightened restrictions on travel from the southern African region due to the variant of concern.

The U.K. has temporarily suspended flights from six African countries and imposed quarantine on travelers arriving in the U.K.

UK Health Secretary Sajid Javid said that the variant pose great concern and is likely to be more transmissible as well as vaccine resistant.

The pound touched a 10-day low of 0.8477 versus the euro, down from yesterday's close of 0.8406. The pound may locate support around the 0.86 level.

The pound weakened to 1.2319 against the franc, its lowest level since November 12. If the pound falls further, it may test support around the 1.21 level.

The pound dropped to its weakest level since October 7 against the yen, at 151.08. The pound is likely to challenge support around the 149.00 level.

The pound dipped to more than an 11-month low of 1.3278 against the greenback around 3:05 am ET, but it has since rebounded to 1.3341. The pair had closed yesterday's deals at 1.3318.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Regaining Ground Following Recent Weakness (33 min(s), 11 sec(s) ago)
(RTTNews) - After moving notably lower over the past few sessions, the value of the U.S. dollar ha ...Full Story»

Dollar Little Changed After U.S. Industrial Production (24 min(s), 11 sec(s) ago)
(RTTNews) - U.S. industrial production for December has been released at 9:15 am ET Friday. The gr ...Full Story»

Dollar Mixed Ahead Of U.S. Industrial Production (18 min(s), 11 sec(s) ago)
(RTTNews) - U.S. industrial production for December will be released at 9:15 am ET Friday. Ahead o ...Full Story»

Dollar Drops After U.S. Retail Sales (42 min(s), 11 sec(s) ago)
(RTTNews) - U.S. retail sales and import and export prices for December have been released at 8:30 ...Full Story»

Dollar Mixed Ahead Of U.S. Retail Sales (36 min(s), 11 sec(s) ago)
(RTTNews) - U.S. retail sales and import and export prices for December will be released at 8:30 a ...Full Story»

Pound Higher After Strong U.K. GDP Data (57 min(s), 11 sec(s) ago)
(RTTNews) - The pound advanced against its major counterparts in the European session on Friday, a ...Full Story»

Indian Rupee Slides To 4-day Low Against U.S. Dollar (39 min(s), 11 sec(s) ago)
(RTTNews) - The Indian rupee depreciated against the U.S. dollar in evening deals on Friday, as re ...Full Story»

Japanese Yen Appreciates On Fed Rate Hike Concerns (30 min(s), 12 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against its major counterparts in the Asian session on F ...Full Story»

Search

FOREX NEWS

U.S. Dollar Regaining Ground Following Recent Weakness

01/14/2022 - 16:26 PM (RTTNews)
(RTTNews) - After moving notably lower over the past few sessions, the value of the U.S. dollar ha ...Full Story>>

Dollar Little Changed After U.S. Industrial Production

01/14/2022 - 09:17 AM (RTTNews)
(RTTNews) - U.S. industrial production for December has been released at 9:15 am ET Friday. The gr ...Full Story>>

Dollar Mixed Ahead Of U.S. Industrial Production

01/14/2022 - 09:10 AM (RTTNews)
(RTTNews) - U.S. industrial production for December will be released at 9:15 am ET Friday. Ahead o ...Full Story>>

Dollar Drops After U.S. Retail Sales

01/14/2022 - 08:34 AM (RTTNews)
(RTTNews) - U.S. retail sales and import and export prices for December have been released at 8:30 ...Full Story>>

Dollar Mixed Ahead Of U.S. Retail Sales

01/14/2022 - 08:28 AM (RTTNews)
(RTTNews) - U.S. retail sales and import and export prices for December will be released at 8:30 a ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.