Pound Falls As Brexit Talks Resume

Date : 11/09/2017 @ 1:46AM
Source : RTTF2
Stock : Pound Sterling vs United States Dollar Spot (GBP/USD) (GBPUSD)
Quote : 1.402745  0.0 (0.00%) @ 6:30PM
UK Pound vs US Dollar share price Chart

Pound Falls As Brexit Talks Resume

UK Pound vs US Dollar (FX:GBPUSD)
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6 Months : From Aug 2017 to Feb 2018

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The pound dropped against its major rivals in early European trading on Thursday, as investors focused on the Brexit talks resuming in Brussels later in the day amid insufficient progress on main divorce terms to move on to discussions of a future trade deal.

Both EU and U.K. officials will meet for a sixth round of talks over issues related to financial settlement, as well as rights for EU citizens and the Irish border. Discussions on transition period and the framework of a future trade relationship are also formally on the agenda.

The EU leaders are insisting that the U.K. should agree to pay €60 billion as the financial settlement before moving talks on to a future relationship.

EU chief negotiator Michel Barnier warned that "more progress" is needed on the first phase of the process.

European shares fell as U.S. tax reform worries and simmering Middle East tensions kept traders on tenterhooks.

Survey by the Royal Institution of Chartered Surveyors showed that the U.K. house price balance narrowed in October, gaining just 1.0 percent.

That missed forecasts for an increase of 4.0 percent and was down from 6.0 percent in September.

The pound showed mixed trading in the Asian session. While the currency rose against the greenback and the yen, it held steady against the franc and the euro.

The pound pared gains to 1.3099 against the franc, from a high of 1.3144 hit at 3:15 am ET. The pound is likely to find support around the 1.28 area.

The pound dropped to a 3-day low of 1.3085 against the greenback and near a 3-week low of 148.45 against the yen, from its early highs of 1.3153 and 149.70, respectively. Continuation of the pound's downtrend may see it challenging support around 1.29 against the greenback and 147.00 against the yen.

The pound fell to a 3-day low of 0.8870 against the euro, after having advanced to 0.8824 at 3:30 am ET. Next key support for the pound is seen around the 0.90 mark.

Data from Destatis showed that Germany's exports declined less than expected in September, while imports dropped unexpectedly from August.

Exports fell 0.4 percent month-on-month in September, reversing a 2 percent rise in August. Shipments were forecast to decline 1.3 percent.

Looking ahead, at 8:15 am ET, the ECB executive board member Yves Mersch speaks on "Turbulent times for the European financial industry" at 1st annual forum Banking & Technology in Vienna, Austria.

Half an hour later, the ECB Vice President Vitor Constancio speaks at Rome regulatory conference.

In the New York session, Canada new housing price index for September, U.S. weekly jobless claims for the week ended November 4 and wholesale inventories for September are due.

At 11:30 am ET, the Swiss National Bank Chairman Thomas Jordan delivers a speech titled "Independence of Central Banks after the Financial Crisis: The Swiss Perspective" at the Center for Financial Studies Presidential Lecture, in Frankfurt.

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