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Forex News: Pound Drops Amid Risk Aversion

Pound Drops Amid Risk Aversion

11/06/2020 - 06:39:00 (RTTNews)

(RTTNews) - The pound fell against its major rivals in the European session on Friday, as uncertainty over the U.S. election results and a surge in coronavirus infections across the world dampened risk sentiment.

Democratic challenger Joe Biden gained more ground on President Donald Trump in the battleground states of Georgia and Pennsylvania, and expanded his lead in Nevada.

As votes continued to be counted and Democrat Joe Biden edges closer to victory, the Trump team is pressing legal challenges in several states.

Italian Prime Minister Giuseppe Conte announced new restrictions on some of the nation's worst hit regions.

The southern Italian region of Calabria will join Lombardy, Piedmont and Aosta Valley in partial lockdown. These regions have been placed under a red zone alert.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices increased at the fastest pace since mid-2016.

House prices increased 7.5 percent on a yearly basis in three months to October from the same period last year, the strongest rise since June 2016. Prices had advanced 7.3 percent in three months to September.

The pound weakened to 0.9039 against the euro, after rising to a 2-day high of 0.8988 at 6:45 pm ET. On the downside, 0.92 is possibly seen as its next support level.

The pound reached as low as 1.1822 against the franc, compared to yesterday's closing value of 1.1888. The pound is seen finding support around the 1.16 region.

The pound dropped to 135.66 against the yen from Thursday's closing quote of 136.01. Should the pound extends decline, 132.00 is possibly seen as its next support level.

In contrast, the pound rose to 1.3157 against the greenback, its highest level since October 21, from a low of 1.3101 seen at 4:00 am ET. Next key resistance for the pound is likely seen around the 1.34 level.

Looking ahead, the U.S and Canadian jobs data for October, U.S. wholesale inventories and consumer credit for September and Canada Ivey PMI for October are set for release in the New York session.

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