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Forex News: Pound Falls Amid Risk Aversion

Pound Falls Amid Risk Aversion

06/14/2024 - 11:08:00 (RTTNews)

(RTTNews) - The pound lost ground against its major counterparts on Friday, as European shares fell amid persistent concerns about the upcoming parliamentary elections in France.

Political uncertainty in France weighed after the country's finance chief warned that a new left-wing coalition coming to power in France would lead to the country's exit from the European Union.

Elsewhere, Nigel Farage's Reform UK has surpassed Prime Minister Rishi Sunak's Conservatives in a YouGov poll.

The poll for the Times newspaper puts Reform UK at 19 percent, up from 17 percent previously, and the Conservative Party unchanged at 18 percent in voting intention.

In economic releases, France's consumer price inflation accelerated in May on higher energy and food prices, final data from the statistical office INSEE showed.

The consumer price index climbed 2.3 percent on a yearly basis in May, faster than the 2.2 percent increase seen in April. The rate for May was revised up from 2.2 percent.

The pound declined to a 4-week low of 1.2656 against the greenback and near a 2-month low of 1.1286 against the franc, off its early highs of 1.2763 and 1.1418, respectively. The pound is seen finding support around 1.23 against the greenback and 1.11 against the franc.

The pound edged down to 0.8431 against the euro, from an early nearly 2-year high of 0.8397. On the downside, 0.88 is likely seen as its next support level.

The pound touched a 1-week low of 198.92 against the yen, down from an early nearly 16-year high of 201.61. If the currency falls further, it is likely to test support around the 189.00 region.

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