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Forex News: Pound Weakens Amid Brexit Worries

Pound Weakens Amid Brexit Worries

12/02/2020 - 07:36:00 (RTTNews)

(RTTNews) - The pound lost ground against its key counterparts in European deals on Wednesday, as fears over a no-deal Brexit intensified after EU chief negotiator Michel Barnier reportedly told EU ambassadors there may be a no-deal outcome.

As British and European Union officials race to strike a post-Brexit trade deal before the start of next week, Barnier said that a deal hangs in the balance and a no-deal Brexit cannot be ruled out.

EU states reportedly told Barnier not to rush into a deal under the pressure of the December 31 timetable.

The U.K. government said it will not extend transition period with the EU as talks remain deadlocked on issues related to fishing, governance rules and dispute resolution.

Brexit worries overshadowed news that the UK had approved the Pfizer-BioNTech COVID-19 vaccine, will be rolled out from next week.

U.S. President-elect Joe Biden told the New York Times he'd leave the phase-one trade deal with China in place while he conducts a full review of the policy toward China in consultation with traditional allies in Asia and Europe.

The pound fell to 139.53 against the yen, from near a 3-month high of 140.45 hit at 2:45 am ET. The pound is likely to challenge support around the 138.00 level.

The pound depreciated to 1.1995 versus the franc, its lowest since November 13. If the pound falls further, it may find support around the 1.14 level.

The pound weakened to more than a 3-week low of 0.9045 against the euro, after having advanced to 0.8983 at 5:00 pm ET. Next key support for the pound is seen around the 0.92 mark.

Data from Destatis showed that German retail sales grew more than expected in October.

Retail sales increased 2.6 percent on a monthly basis, reversing a 1.9 percent drop in September. Sales were expected to climb only 1.2 percent.

The U.K. currency edged down to 1.3335 against the dollar, after rising to 1.3441 at 2:45 am ET. The pound is poised to find support near the 1.30 level.

Looking ahead, U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET.

Federal Reserve Chair Jerome Powell testifies on the CARES Act before the House Financial Services Committee in Washington DC at 10:00 am ET.

The Federal Reserve's Beige book report will be released in the New York session.

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