FOREX TradingCharts.com

Forex News: Pound Drops Amid Brexit Concerns

Pound Drops Amid Brexit Concerns

11/10/2021 - 07:20:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in the European session on Wednesday, as tensions between the U.K. and the European Union flared up after Ireland's deputy prime Minister Leo Varadkar said that his government is making "contingency plans," if Britain triggers Article 16 of the Northern Ireland Protocol.

Speaking on RTÉ's News at One, Varadkar said that triggering Article 16 effectively stops the Protocol and potentially "undoes" Brexit.

His comments came after the Irish government held a meeting of the Cabinet subcommittee on Brexit to dust down and restart its contingency preparations in case of emergency.

"If Britain were to act in such a way that it was resigning from the protocol, resigning from the withdrawal agreement, I think the European Union would have no option other than to introduce what we call rebalancing measures to respond," Varadkar warned.

The pound was further weighed by a strengthening dollar ahead of U.S. inflation data that could influence the timing of the Fed rate hike. The pound touched 2-day lows of 1.2335 against the franc and 1.3501 against the greenback, down from its previous highs of 1.2389 and 1.3565, respectively. Next key support for the pound is possibly seen around 1.22 against the franc and 1.32 against the greenback.

The pound pulled back from its early highs of 153.37 against the yen and 0.8532 against the euro and edged down to 152.78 and 0.8560, respectively. The next possible support for the pound is seen around 150.00 against the yen and 0.88 against the euro.

Looking ahead, U.S. CPI and monthly budget statement for October, wholesale inventories for September and weekly jobless claims for the week ended November 6 are due in the New York session.

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


Pound Depreciates On New Covid-19 Variant Concerns (07 hr(s), 53 min(s), 03 sec(s) ago)
(RTTNews) - The pound fell against its most major counterparts in the European session on Friday, ...Full Story»

Australian, NZ Dollars Fall; Yen Climbs As New Variant Sparks Risk Aversion (13 hr(s), 14 min(s), 03 sec(s) ago)
(RTTNews) - The Australian and NZ dollars weakened against their major counterparts in the Asian s ...Full Story»

Euro Higher After ECB Minutes (06 hr(s), 11 min(s), 03 sec(s) ago)
(RTTNews) - The euro was higher against its most major counterparts in the European session on Thu ...Full Story»

Euro Rises After ECB Minutes (08 hr(s), 38 min(s), 03 sec(s) ago)
(RTTNews) - The European Central Bank has published the account of the monetary policy meeting of ...Full Story»

Euro Mixed Ahead Of ECB Minutes (08 hr(s), 44 min(s), 03 sec(s) ago)
(RTTNews) - At 7.30 am ET Thursday, the European Central Bank publishes the account of the monetar ...Full Story»

Japanese Yen Exhibits Weakness Against Most Majors (12 hr(s), 47 min(s), 03 sec(s) ago)
(RTTNews) - The Japanese yen slipped against its most major counterparts in the Asian session on T ...Full Story»

U.S. Dollar Moves Higher Following Slew Of Data (12 min(s), 57 sec(s) ago)
(RTTNews) - With traders reacting to a slew of U.S. economic data, the U.S. dollar has moved highe ...Full Story»

Dollar Little Changed After U.S. GDP Data (07 hr(s), 38 min(s), 02 sec(s) ago)
(RTTNews) - U.S. durable goods orders for October, GDP data for the third quarter and weekly joble ...Full Story»

Search

FOREX NEWS

Pound Depreciates On New Covid-19 Variant Concerns

11/26/2021 - 08:19 AM (RTTNews)
(RTTNews) - The pound fell against its most major counterparts in the European session on Friday, ...Full Story>>

Australian, NZ Dollars Fall; Yen Climbs As New Variant Sparks Risk Aversion

11/26/2021 - 02:58 AM (RTTNews)
(RTTNews) - The Australian and NZ dollars weakened against their major counterparts in the Asian s ...Full Story>>

Euro Higher After ECB Minutes

11/25/2021 - 10:02 AM (RTTNews)
(RTTNews) - The euro was higher against its most major counterparts in the European session on Thu ...Full Story>>

Euro Rises After ECB Minutes

11/25/2021 - 07:34 AM (RTTNews)
(RTTNews) - The European Central Bank has published the account of the monetary policy meeting of ...Full Story>>

Euro Mixed Ahead Of ECB Minutes

11/25/2021 - 07:28 AM (RTTNews)
(RTTNews) - At 7.30 am ET Thursday, the European Central Bank publishes the account of the monetar ...Full Story>>

Do not sell my personal information

Copyright © 2021. 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.