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Forex News: Pound Weakens On Rate Worries

Pound Weakens On Rate Worries

05/29/2024 - 13:06:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the New York session on Wednesday, as a jump in U.S. Treasury yields stoked concerns that U.S. interest rates will likely stay higher for longer.

Traders further reduced their rate cut expectations by the U.S. Federal Reserve after Minneapolis Fed President Neel Kashkari said he needs to see "many more months of positive inflation data" before he would consider cutting interest rates.

Markets are pricing in a 25 basis point cut only by November or December.

U.S. inflation data, due Friday, could have a significant impact on the outlook for interest rates ahead of the Fed's next monetary policy meeting on June 11-12.

The U.S. economic calendar remains relatively quiet today, although the Fed's Beige Book may attract some attention.

The pound fell to a 1-week low of 1.1597 against the franc and a 5-day low of 1.2704 against the greenback, off its early highs of 1.1655 and 1.2771, respectively. The pound is seen finding support around 1.11 against the franc and 1.23 against the greenback.

The pound dropped to 0.8516 against the euro, from an early nearly 2-year high of 0.8484. On the downside, 0.88 is likely seen as its next support level.

The pound touched a 2-day low of 200.05 against the yen, reversing from an early nearly 16-year high of 200.74. If the currency falls further, it is likely to test support around the 189.00 region.

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