Pound Slides Amid Risk Aversion
07 Mayo 2019 - 1:36AM
RTTF2
The pound depreciated against its major counterparts in the
European session on Tuesday amid risk aversion, as investors kept
an eye on the latest developments around U.S.-China trade talks and
data showed German factory orders rebounded less than expected in
March.
The U.S. has accused China of backtracking on commitments in
trade talks, but a Chinese negotiating team will still travel to
Washington this week to continue the stalled trade talks.
U.S. Trade Representative Robert Lighthizer said he expected top
Chinese negotiator Vice Premier Liu He would lead a delegation
coming from Beijing for talks in Washington on Thursday and
Friday.
Auto and resource stocks were the leading decliners driven by
their exposure to China.
The currency was trading higher against its major counterparts
in the Asian session.
The pound retreated to 1.3085 against the greenback, from a high
of 1.3131 hit at 12:30 am ET. On the downside, 1.29 is likely seen
as the next possible support for the pound.
The pound fell to a weekly low of 144.75 against the yen, after
rising to 145.37 at 2:45 am ET. The pound is seen finding support
around the 142.5 level.
Pulling away from a high of 1.3354 hit at 3:00 am ET, the pound
reversed direction and fell back to 1.3325 against the franc. The
next possible support for the pound is seen around the 1.32
region.
The U.K. currency hit a 4-day low of 0.8559 against the euro,
following a high of 0.8538 touched at 12:30 am ET. If the pound
slides further, 0.87 is likely seen as its next support level.
Preliminary data from the Federal Statistical Office showed that
German manufacturing orders grew less than forecast in March after
falling in the previous two months.
Factory orders grew 0.6 percent from February, when they fell 4
percent. Economists had forecast a 1.5 percent increase in orders
in the month.
Looking ahead, Canada Ivey PMI for April and U.S. consumer
credit for March will be out in the New York session.
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