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Forex News: Pound Falls On No-deal Brexit Fears

Pound Falls On No-deal Brexit Fears

12/23/2019 - 08:25:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Monday, as fears over a hard-Brexit intensified after U.K. Parliament voted in favor of Boris Johnson's Brexit Withdrawal Agreement last week.

The bill paves way for the U.K.'s departure from the bloc on January 31 and remain in the single market and customs union until December 31, 2020.

Johnson has set December 2020 as a hard deadline for a trade deal to be reached with the EU, lifting odds of a no-deal exit.

The bill will now move to the House of Lords, where it is expected to to passed with no hurdles.

European stocks were little changed after nearing a record high in the previous session amid signs of progress on a phase-one deal between the United States and China.

U.S. President Donald Trump on Saturday said the United States and China would "very shortly" sign their so-called Phase One trade pact.

The currency rose against its major counterparts in the previous session.

The pound fell to a 3-week low of 0.8566 against the euro from Friday's closing value of 0.8514. The pound is seen finding support around the 0.88 level.

Data from Destatis showed that Germany's import prices declined at a slower pace in November on weak energy prices.

On a yearly basis, import prices decreased by less-than-expected 2.1 percent, following a 3.5 percent fall in October. Prices were expected to decline 2.3 percent.

The pound declined to 1.2928 against the greenback, its weakest level since December 2. On the downside, 1.28 is likely seen as the next support level for the pound.

The U.K. currency depreciated to near a 6-week low of 1.2683 against the franc from last week's closing quote of 1.2769. Next possible support for the pound is seen around the 1.25 level.

The pound weakened to 141.26 against the yen for the first time since December 4. The pound is likely to find support around the 137.00 level, if it drops further.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity dropped for the first time in four months in October.

The all industry activity index fell 4.3 percent month-on-month in October, after a 1.9 percent rise in September. This was the first decrease since June and in line with economists' expectations.

Looking ahead, Canada GDP data for October, U.S. durable goods orders and new home sales for November are due out in the New York session.

For comments and feedback: contact editorial@rttnews.com

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