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Forex News: Pound Falls As Tory Lead Narrows

Pound Falls As Tory Lead Narrows

11/26/2019 - 06:05:00 (RTTNews)

(RTTNews) - The pound edged down against its major counterparts in early European deals on Tuesday, as support for the Tories has narrowed in a new election opinion poll released after the manifesto launch of the party.

The ICM poll for Reuters found the Tory lead over Labour had narrowed to 7 points from last week.

The poll showed Tory lead have fallen one point to 41 percent, but Labour have gained two points to 34 percent.

The survey was conducted online among 2,004 people between November 22 and 25.

European stocks were moving lower in cautious trade as investors awaited further clarity on the U.S.-China trade talks.

Earlier today, China's Commerce Ministry said in a brief notice that Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and agreed to continue talks on the Phase 1 deal.

The currency has been trading lower against its major counterparts in the Asian session, except the franc.

The pound pulled back to 1.2831 against the franc, from a high of 1.2872 hit at 8:45 pm ET. The pound is seen finding support around the 1.26 region.

After an uptick to 1.2904 against the greenback at 9:00 pm ET, the pound reversed direction with the pair trading at 1.2862. On the downside, 1.27 is likely seen as the next support level for the pound.

The pound dropped to 140.05 against the Japanese yen, following a 5-day rise to 140.90 at 8:45 pm ET. Should the pound falls further, 137.00 is possibly seen as its next support level.

The pound fell to 0.8571 against the euro, after rising as high as 0.8530 at 5:15 pm ET. The next likely support for the pound is seen around the 0.88 region.

Survey data from market research group GfK showed that German consumer confidence is set to improve slightly in December on robust economic and income expectations.

The forward-looking consumer sentiment index rose to 9.7 points, as expected, from 9.6 in November.

Looking ahead, U.S. FHFA's house price index and S&P/Case-Shiller home price index for September, new home sales for October and consumer sentiment index for November will be featured in the New York session.

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