Pound Weakens After Carney's Warning Over No-deal Brexit
2017年10月17日 - 5:45PM
RTTF2
The pound declined against its major rivals in the European
session on Tuesday, erasing early gains, as the Bank of England
Governor Mark Carney attributed the surge in inflation to the
depreciation of sterling since the Brexit vote, while warning that
a failure to reach a Brexit deal with the European Union would pose
risks to the Europe and not the U.K. alone.
"Inflation rising potentially above the 3 percent level in
coming months is something that we have anticipated," Carney told
the Treasury Select Committee.
Carney highlighted the risk of derivative contracts becoming
null and void without a Brexit deal and cited concerns over
cross-border insurance, saying that a hard Brexit would hurt Europe
more than the UK on these issues.
New MPC members Dave Ramsden and Silvana Tenreyro expressed
doubts over the possibility of an increase in interest rates in
November, but Carney said a hike "may be appropriate."
The currency strengthened against its most major rivals early in
the session, as the U.K. inflation improved to a 5-year high in
September.
Data from the Office for National Statistics showed that
inflation rose to 3 percent in September from 2.9 percent in
August. The rate came in line with expectations.
The currency has been trading in a positive territory in the
Asian session, with the exception of the yen.
The pound weakened to 0.8910 against the euro, after having
advanced to 0.8858 at 4:45 am ET. The pound is seen finding support
around the 0.92 region.
Final data from Eurostat showed that Eurozone inflation held
steady in September, as initially estimated.
Inflation came in at 1.5 percent in September, the same rate as
seen in August.
The pound reversed from an early high of 1.3287 against the
greenback, touching a 5-day low of 1.3199. Further weakness may
take the pound to a support around the 1.31 area.
The pound slipped to a 5-day low of 148.04 against the Japanese
yen, following a 4-day high of 149.06 hit at 4:50 am ET. The pound
is poised to challenge support around the 145.00 mark.
The pound lost 0.6 percent to hit a 5-day low of 1.2898 against
the Swiss franc, from a high of 1.2980 hit at 4:45 am ET. On the
downside, 1.27 is possibly seen as the next support for the
pound.
Looking ahead, U.S. industrial production for September and NAHB
housing market index for October are due shortly.
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