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Forex News: Pound Falls On Policy Tightening Worries

Pound Falls On Policy Tightening Worries

12/17/2021 - 06:49:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Friday, as concerns over tighter monetary policy, rising coronavirus cases and U.S.-China tensions dragged down European shares.

Investors digested policy moves from the U.S. Federal Reserve, the Bank of England and the European Central Bank to curb inflation.

U.S. authorities imposed sanctions on eight Chinese high-tech companies and export restrictions on Chinese organization, citing national security and human rights issues.

Omicron worries persisted as U.K. reported record covid infections and hospitalizations continued to climb in the U.S.

Data from the Office for National Statistics showed that UK retail sales growth accelerated in November.

The retail sales volume grew 1.4 percent month-on-month in November, faster than the 1.1 percent increase seen in October and also economists' forecast of +0.8 percent.

The pound dropped to 1.3285 against the greenback, from a high of 1.3339 seen at 4:30 am ET. The pound is seen facing support around the 1.31 level.

After rising to 0.8493 at 9:15 pm ET, the pound weakened to 0.8527 against the euro. Next key support for the pound is likely seen around the 0.87 level.

The pound depreciated to 2-day lows of 150.80 against the yen and 1.2198 against the franc, following its prior highs of 151.72 and 1.2259, respectively. The pound is likely to challenge support around 146.00 against the yen and 1.20 against the franc.

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