FOREX TradingCharts.com

Forex News: Pound Weakens On Falling European Shares

Pound Weakens On Falling European Shares

01/29/2021 - 07:30:00 (RTTNews)

(RTTNews) - The pound fell against its major trading partners in the European session on Friday, as concerns over retail trading frenzy in short positions dampened risk sentiment.

Markets digest the latest Reddit's retail-trade frenzy, which triggered outsized moves in GameStop, AMC Entertainment and other previously beaten-down stocks.

The surge in speculative trading has prompted several e-brokers to take steps to restrict the buying of shares on Thursday.

Robinhood and other online broker platforms eased restrictions on select share trading, re-igniting volatility of shares.

Continued concerns over tight liquidity in China, rising Covid-19 cases and the delays to vaccine rollouts also rattled markets.

The pound declined to 0.8871 against the euro, after rising to a 2-day high of 0.8825 at 9:45 pm ET. If the pound falls further, it is likely to test support around the 0.90 region.

Reversing from a high of 1.3730 seen at 5:15 pm ET, the pound edged down to 1.3657 against the greenback. The pound is poised to challenge support around the 1.34 mark.

After a a 2-day gain to 1.2202 at 9:45 pm ET, the pound turned lower against the franc and was worth 1.2149. The currency may locate support around the 1.19 mark.

In contrast, the pound jumped to 143.74 against the yen, its highest since February 2020. The pound is seen finding resistance around the 145.00 mark.

Looking ahead, Canada GDP data for November and industrial product price index for December, as well as University of Michigan's final consumer sentiment index for January and U.S. personal income and spending data and pending home sales for December are due out in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Yen Falls As Powell Promises Fed Support (16 hr(s), 30 min(s), 39 sec(s) ago)
(RTTNews) - The Japanese yen slipped against its key counterparts in the European session on Wedne ...Full Story»

New Zealand Dollar Soars After RBNZ Holds Rate, QE Steady (21 hr(s), 18 min(s), 39 sec(s) ago)
(RTTNews) - The New Zealand dollar that initially fell against its major counterparts recovered im ...Full Story»

Euro Little Changed After German GDP Data (21 hr(s), 36 min(s), 39 sec(s) ago)
(RTTNews) - At 2.00 am ET Wednesday, Destatis has released Germany's quarterly GDP data for th ...Full Story»

Euro Mixed Ahead Of German GDP Data (21 hr(s), 42 min(s), 38 sec(s) ago)
(RTTNews) - At 2.00 am ET Wednesday, Destatis is slated to issue Germany's quarterly GDP data ...Full Story»

Dollar Little Changed After U.S. Housing Data (14 hr(s), 39 min(s), 39 sec(s) ago)
(RTTNews) - Federal Housing finance agency's house price index and S&P/Case-Shiller home p ...Full Story»

Dollar Rises Ahead Of U.S. Housing Data (14 hr(s), 45 min(s), 39 sec(s) ago)
(RTTNews) - Federal Housing finance agency's house price index and S&P/Case-Shiller home p ...Full Story»

Euro Little Changed After Eurozone CPI (18 hr(s), 39 min(s), 38 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat has published euro area final consumer prices for Janu ...Full Story»

Euro Mixed Ahead Of Eurozone CPI (18 hr(s), 45 min(s), 39 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat publishes euro area final consumer prices for January. ...Full Story»

Search

FOREX NEWS

Yen Falls As Powell Promises Fed Support

02/24/2021 - 07:14 AM (RTTNews)
(RTTNews) - The Japanese yen slipped against its key counterparts in the European session on Wedne ...Full Story>>

New Zealand Dollar Soars After RBNZ Holds Rate, QE Steady

02/24/2021 - 02:26 AM (RTTNews)
(RTTNews) - The New Zealand dollar that initially fell against its major counterparts recovered im ...Full Story>>

Euro Little Changed After German GDP Data

02/24/2021 - 02:06 AM (RTTNews)
(RTTNews) - At 2.00 am ET Wednesday, Destatis has released Germany's quarterly GDP data for th ...Full Story>>

Euro Mixed Ahead Of German GDP Data

02/24/2021 - 02:00 AM (RTTNews)
(RTTNews) - At 2.00 am ET Wednesday, Destatis is slated to issue Germany's quarterly GDP data ...Full Story>>

Dollar Little Changed After U.S. Housing Data

02/23/2021 - 09:04 AM (RTTNews)
(RTTNews) - Federal Housing finance agency's house price index and S&P/Case-Shiller home p ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.