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Forex News: Pound Weakens On Concerns Over Hard Brexit

Pound Weakens On Concerns Over Hard Brexit

12/17/2019 - 05:56:00 (RTTNews)

(RTTNews) - The pound fell against its major opponents in the European session on Tuesday, extending its previous session's drop, following media reports that U.K. Prime Minister Boris Johnson is considering a revision to the Brexit bill to block the transition period from extending beyond December 2020.

The Commons is set to vote on amended Brexit bill this week that would rule out any extension to the so-called transition period beyond December 31, 2020.

Johnson could use his huge parliamentary majority to pass the bill, intensifying the chances of the U.K. leaving the EU without a trade deal.

The Labour Party's Shadow Brexit Secretary Kier Starmer blamed the move, saying that it is "reckless and irresponsible" and would put jobs at risk.

Data from the Office for National Statistics showed that the UK unemployment rate remained unchanged in three months to October.

The unemployment rate was largely unchanged at 3.8 percent, while the rate was expected to rise marginally to 3.9 percent. The number of people out of work decreased by 93,000 to 1.28 million in the year to October.

Bank of England Governor Mark Carney said the possibility of a no-deal Brexit has decreased after Boris Johnson won the general election.

"The worst case scenario is effectively a no-deal disorderly Brexit," Carney told reporters after the release of Financial Stability Report.

The currency has been trading lower against its major counterparts in the previous session.

The pound declined to a 4-day low of 144.19 against the yen, from a high of 146.11 seen at 5:00 pm ET. The next possible support for the pound is seen around the 142.5 level.

After rising to 1.3335 against the greenback at 5:00 pm ET, the pound pulled back, hitting a 5-day low of 1.3155. Should the pound slides further, it may find support around the 1.30 level.

The pound dropped to 5-day lows of 1.2936 against the franc and 0.8471 against the euro, reversing from its early highs of 1.3101 and 0.8353, respectively. The pound is seen locating support around 1.27 against the franc and 0.86 against the euro.

Looking ahead, Canada manufacturing sales for October, U.S. housing starts, building permits and industrial production, all for November, are set for release in the New York session.

At 12:30 pm ET, Federal Reserve Bank of Boston President Eric Rosengren will give a speech at the Forecasters Club of New York.

For comments and feedback: contact editorial@rttnews.com

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