Pound Falls As U.K. Construction PMI Weakens; Brexit Developments Eyed
04 Febrero 2019 - 12:58AM
RTTF2
The pound declined against its major counterparts in European
deals on Monday, as investors await any potential breakthrough in
the Brexit deadlock and as a data showed weaker than expected
construction sector activity for January.
Survey data from IHS Markit showed that U.K. construction sector
activity slowed to its lowest level in ten months in January.
The IHS Markit/CIPS construction PMI fell to 50.6 from 52.8 in
December. Economists had forecast a score of 52.5.
A PMI reading above 50 suggests growth in the sector.
Tory MPs will meet Brexit Secretary Steve Barclay to discuss an
alternative arrangement to the Irish backstop.
With just 53 days left for Brexit, the EU and the UK are still
unable to reach a deal that could avoid the return of a hard border
in Ireland.
The pound traded mixed against its major counterparts in the
Asian session. While it rose against the yen and the franc, it held
steady against the greenback and the euro.
The pound slipped to 1.3044 against the greenback, from a high
of 1.3096 hit at 3:00 am ET. The pound is seen finding support
around the 1.28 level.
After rising to a 6-day high of 143.87 against the yen at 3:00
am ET, the pound reversed direction and fell to 143.34. On the
downside, 141.00 is possibly seen as the next support level for the
pound.
Data from the Bank of Japan showed that Japan monetary base rose
4.7 percent on year in January, coming in at 499.779 trillion
yen.
That follows the 4.8 percent increase in December.
The pound retreated to 1.3009 against the franc, following a
high of 1.3052 touched at 3:00 am ET. The next possible support for
the pound is seen around the 1.29 level.
The pound reversed from an early high of 0.8740 against the
euro, declining to 0.8772. The pound is poised to target support
around the 0.89 level.
Survey data from Sentix showed that Eurozone investor confidence
weakened for a sixth straight month in February to its lowest level
in over four years.
The investor confidence index for the euro area dropped to -3.7
from -1.5 in January. The latest reading was the lowest since
November 2014.
Looking ahead, U.S. factory orders for November are scheduled
for release in the New York session.
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