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Forex News: Pound Falls On No-deal Brexit Fears

Pound Falls On No-deal Brexit Fears

09/07/2020 - 03:54:00 (RTTNews)

(RTTNews) - The pound depreciated against its major counterparts in the Asian session on Monday, as concerns over a no-deal Brexit intensified after UK Prime Minister Boris Johnson has confirmed a deadline of October 15 for a free trade deal with the European Union.

"If London and Brussels don't reach a deal by October, the UK will be ready to accept this and move on," Johnson said on Sunday.

The negotiations will resume in London on Tuesday. The talks have stalled because of deadlock over fishing rights and fair competition rules.

U.K. chief negotiator David Frost told the Mail on Sunday newspaper that Britain was "not going to compromise on the fundamentals of having control over our own laws."

The Financial Times reported that the UK government is set to announce a legislation that will undermine prospects of a trade deal.

The so-called internal market bill, expected to be published Wednesday, would "eliminate the legal force of parts of the withdrawal agreement" in issues relating to state aid and Northern Ireland customs union, the report added.

The pound dropped to 1.3198 against the greenback, from a high of 1.3266 hit at 5:00 pm ET. The next possible support for the pound is seen around the 1.28 level.

After rising to 140.99 at 8:45 pm ET, the pound edged down to 140.23 against the yen. Should the pound slides further, it may find support around the 138.00 level.

The GBP/CHF pair hit 1.2061. This followed a gain to 1.2115 at 5:30 pm ET. The pound is seen locating support near the 1.18 mark.

The pound weakened to a 1-week low of 0.8962 versus the euro, down from a high of 0.8925 seen at 5:30 pm ET. The currency is poised to challenge support around the 0.92 mark.

U.S. markets are closed for Labor Day holiday.

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