Pound Falls As Tory Lead Narrows
November 26 2019 - 1:05AM
RTTF2
The pound edged down against its major counterparts in early
European deals on Tuesday, as support for the Tories has narrowed
in a new election opinion poll released after the manifesto launch
of the party.
The ICM poll for Reuters found the Tory lead over Labour had
narrowed to 7 points from last week.
The poll showed Tory lead have fallen one point to 41 percent,
but Labour have gained two points to 34 percent.
The survey was conducted online among 2,004 people between
November 22 and 25.
European stocks were moving lower in cautious trade as investors
awaited further clarity on the U.S.-China trade talks.
Earlier today, China's Commerce Ministry said in a brief notice
that Vice Premier Liu He spoke with U.S. Trade Representative
Robert Lighthizer and Treasury Secretary Steven Mnuchin and agreed
to continue talks on the Phase 1 deal.
The currency has been trading lower against its major
counterparts in the Asian session, except the franc.
The pound pulled back to 1.2831 against the franc, from a high
of 1.2872 hit at 8:45 pm ET. The pound is seen finding support
around the 1.26 region.
After an uptick to 1.2904 against the greenback at 9:00 pm ET,
the pound reversed direction with the pair trading at 1.2862. On
the downside, 1.27 is likely seen as the next support level for the
pound.
The pound dropped to 140.05 against the Japanese yen, following
a 5-day rise to 140.90 at 8:45 pm ET. Should the pound falls
further, 137.00 is possibly seen as its next support level.
The pound fell to 0.8571 against the euro, after rising as high
as 0.8530 at 5:15 pm ET. The next likely support for the pound is
seen around the 0.88 region.
Survey data from market research group GfK showed that German
consumer confidence is set to improve slightly in December on
robust economic and income expectations.
The forward-looking consumer sentiment index rose to 9.7 points,
as expected, from 9.6 in November.
Looking ahead, U.S. FHFA's house price index and
S&P/Case-Shiller home price index for September, new home sales
for October and consumer sentiment index for November will be
featured in the New York session.
Euro vs Sterling (FX:EURGBP)
Forex Chart
From Apr 2024 to May 2024
Euro vs Sterling (FX:EURGBP)
Forex Chart
From May 2023 to May 2024