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Forex News: Pound Slides As U.K. Chancellor Vows To Drop

Pound Slides As U.K. Chancellor Vows To Drop EU Rules After Brexit

01/20/2020 - 04:47:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts during European morning deals on Monday, after U.K. Chancellor of the Exchequer Sajid Javid pledged to diverge from EU rules after Brexit, urging businesses to adjust with changes.

In an interview with the Financial Times, Javid said that there would not be alignment with EU regulations in the future and that those changes may hurt some businesses.

"There will not be alignment, we will not be a rule taker, we will not be in the single market and we will not be in the customs union - and we will do this by the end of the year," he told.

"It will mean businesses will have to adjust to costly new checks, processes and procedures, that will act as a barrier to friction-less trade with the EU and may well result in price rises," he added.

Data from property webside Rightmove showed that UK house prices increased the most for the month of January after the general election.

House prices increased 2.3 percent in January, the highest since the record started in 2002.

The currency has been trading in a negative territory against its major rivals in the Asian session.

The pound declined to a 4-day low of 1.2556 against the franc from Friday's closing value of 1.2582. The next possible support for the pound is seen around the 1.23 level.

The pound depreciated to a 5-day low of 142.80 against the yen, compared to last week's closing value of 143.21. The pound is seen locating support around the 139.00 region.

Data from the Ministry of Economy, Trade and Industry showed that Japan industrial production declined slightly more than initially estimated in November.

Industrial production fell by a seasonally adjusted 1.0 percent month-on-month November. According to the initial estimate, production had declined 0.9 percent.

The pound fell to 1.2962 against the greenback, its lowest since January 14. If the pound slides further, 1.27 is likely seen as its next support level.

The U.K. currency weakened to a 4-day low of 0.8553 against the euro from last week's closing quote of 0.8523. On the downside, 0.87 is possibly seen as the next support level for the pound.

Data from Destatis showed that Germany's producer prices declined at a slower pace in December.

Producer prices fell 0.2 percent year-on-year, slower than the 0.7 percent decrease seen in November. This was also slower than the 0.3 percent fall economists' had forecast.

U.S. markets are closed in observance of Martin Luther King Jr. holiday.

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