Pound Declines As MPs Slam May's Revised Brexit Offer
22 Mayo 2019 - 02:45AM
RTTF2
The pound lost ground against its key counterparts in the
European session on Wednesday, as U.K. Prime Minister Theresa May's
final Brexit offer failed to get support from several senior Tory
members or opposition Labor party, dashing hopes for her
leadership.
The PM is facing calls from her party to resign immediately as
some MPs claimed it is 'worse' than before.
The plan sparked opposition from Labour Party MPs, with leader
Jeremy Corbyn stating that it was a 'rehash of her old bad
deal'.
The former Brexit secretary, Dominic Raab, critised her latest
plan, saying that terms for second referendum or Customs Union
would break manifesto promises.
In economic releases, U.K. consumer price inflation accelerated
in April, while output price inflation eased slightly, figures from
the Office for National Statistics revealed.
Consumer price inflation rose to 2.1 percent in April from 1.9
percent in March. Nonetheless, this was slightly slower than the
forecast of 2.2 percent.
Output price inflation slowed slightly to 2.1 percent in April
from 2.2 percent in March.
In a separate communiqué, the ONS said house prices increased
1.4 percent annually in March following a 1 percent rise in
February.
U.K.'s public sector net borrowing in April was the lowest for
the month since 2007, preliminary data showed.
The currency traded mixed against its major counterparts in the
Asian session. While it held steady against the euro and the
greenback, it rose against the yen and the franc.
The pound dropped to a 5-day low of 139.60 against the yen, from
a high of 140.70 hit at 10:00 pm ET. Next key support for the pound
is seen around the 137.00 level.
Bank of Japan board member Yutaka Harada said monetary easing
should be strengthened further without delay.
"If the economy deteriorates to the extent that achieving the 2
percent price stability target in the long term becomes difficult,
I view it as necessary to strengthen monetary easing without
delay," he told business leaders in Nagasaki.
The pound slipped to 1.2751 against the franc, its weakest since
January 14. This follows a high of 1.2864 touched at 1:00 am ET.
The pound is seen finding support around the 1.25 region.
The U.K. currency depreciated to 1.2641 against the greenback, a
level unseen so far this year. The pound is likely to test support
around the 1.24 region.
The pound slid to more than a 3-month low of 0.8832 against the
euro, after having advanced to 0.8772 at 1:15 am ET. If the pound
drops further, 0.90 is possibly seen as its next support level.
Looking ahead, Canada retail sales for March and Federal
Reserve's minutes from the May meeting are scheduled for release in
the New York session.
At 10:00 am ET, New York Fed President John Williams will speak
about US homeownership at the Federal Reserve Bank of New York.
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