Forex News: Pound Weakens In Cautious Trade

Pound Weakens In Cautious Trade

(RTTNews) - The pound dropped against its most major counterparts in the New York session on Monday amid renewed trade concerns, as President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.

"The Movie Industry in America is DYING a very fast death," Trump said in a post on Truth Social. "Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated."

"This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!" he added. "WE WANT MOVIES MADE IN AMERICA, AGAIN!"

Trump also told reporters on Sunday that he has no plans to talk to his Chinese counterpart Xi Jinping this week, offsetting recent optimism about a potential U.S.-China trade deal.

Investors looked ahead to interest rate decisions from the Federal Reserve and the Bank of England, due later this week.

The U.S. Federal Reserve is widely expected to stay in "wait-and-see" mode and keep its key interest rate steady at the end of its two-day meeting on Wednesday.

The pound retreated to 1.3269 against the greenback, from an early 4-day high of 1.3335. This may be compared to an early nearly 2-week low of 1.3257. The next possible support for the currency is seen around the 1.28 level.

The pound fell to a 4-day low of 191.04 against the yen. The currency may find support around the 186.00 level.

The pound edged down to 1.0930 against the franc. The currency is poised to challenge support around the 1.06 level.

In contrast, the pound rose against the euro and was trading at 0.8513. If the currency rises further, it is likely to find resistance around the 0.83 level.

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