Pound Weakens On Political Concerns; BoE Carney's Speech Due
18 Septembre 2017 - 11:41AM
RTTF2
The pound slipped against its major counterparts in the European
session on Monday amid profit taking, as well as on concerns about
Brexit after the Foreign Secretary Boris Johnson had been
criticised by the U.K. statistics chief regarding the U.K.'s
financial contribution to the EU.
David Norgrove, chairman of the U.K. Statistics Authority,
accused Johnson after he wrote in the Daily Telegraph that Britain
could "take back control" of the payment of £350 million a week to
the EU after Brexit.
"This confuses gross and net contributions," Norgrove wrote. "It
is a clear misuse of official statistics."
"Debate should be forward looking on how to make most of life
outside EU - not refighting referendum," he said.
The controversy erupted discord within the ruling Conservative
party, with the Cabinet divided over his blueprint for a so-called
"hard" Brexit.
The BoE Governor Mark Carney speaks in Washington later in the
day, with market awaiting more indications on the central bank's
plan over a rate hike.
Data from property tracking website Rightmove showed that U.K.
house prices fell 1.2 percent on month in September
That follows the 0.9 percent decline in August, and it marks the
third monthly drop in four months.
The currency has been trading in a positive territory in the
Asian session, in the wake of last week's optimistic remarks from
BoE MPC member Gertjan Vlieghe over the likelihood for a rate hike
in the coming months.
The pound weakened to 1.3533 against the dollar, after having
advanced to more than a 1-year high of 1.3618 at 2:30 am ET. The
next possible support for the pound-greenback pair is seen around
the 1.34 region.
The pound retreated to 150.52 against the yen, from an early
high of 151.51.On the downside, 148.00 is possibly seen as the next
support for the pound-yen pair.
The pound reversed from an early high of 0.8779 against the
euro, weakening to 0.8840.If the pound falls further, it may locate
support around the 0.90 mark.
Final data from Eurostat showed that Eurozone inflation climbed
to a four-month high in August, as initially estimated.
Consumer prices advanced 1.5 percent year-on-year in August,
faster than the 1.3 percent increase seen in July. This was the
highest since April and in line with the estimate published on
August 31.
The pound fell to 1.2970 against the Swiss franc, off its
previous high of 1.3075. The pound is poised to challenge support
around the 1.28 region.
Looking ahead, U.S. NAHB housing market index for September is
slated for release in the New York session.
At 10:30 am ET, ECB Board member Sabine Lautenschlager will
participate in Panel II "Policy challenges in the banking sector"
at conference "Supervisory policy implementation in the current
macro-financial environment: a cross-sectoral journey," organised
by BIS in Basel, Switzerland.
At 11:00 am ET, Bank of England Governor Mark Carney gives a
lecture at the International Monetary Fund (IMF) in Washington
D.C.
At 2:15 pm ET, Bank of Canada Deputy Governor Timothy Lane is
expected to speak at the Saskatoon Regional Economic Development
Authority in Saskatchewan, Canada.
Euro vs Sterling (FX:EURGBP)
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Euro vs Sterling (FX:EURGBP)
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