Pound Falls In Cautious Trade
07 Februar 2023 - 08:49AM
RTTF2
The pound declined against its major counterparts in the
European session on Tuesday, as investors awaited U.S. Federal
Reserve Chair Jerome Powell's speech later in the day for
additional clues about the outlook for further rate hikes.
Powell will deliver a speech at the Economic Club of Washington
DC at 12:40 pm ET.
Comments from Fed policymakers indicating the likelihood of
further rate hikes triggered growth concerns.
Data from the British Retail Consortium and accountancy firm
KPMG showed that UK retail sales grew at a slower pace in January
as Christmas cheer subsided.
Like-for-like sales increased 3.9 percent on a yearly basis in
January and overall retail sales grew 4.2 percent.
The pound touched 1.1972 against the greenback, its lowest level
since January 6. The pound may find support near the 1.18
level.
The pound dropped to 0.8939 against the euro, after rising to a
5-day high of 0.8908 in early deals. The pound is seen finding
support around the 0.92 level.
The pound depreciated to near a 3-month low of 1.1095 against
the franc and a 4-day low of 158.12 against the yen, off its early
highs of 1.1168 and 158.58, respectively. The pound is poised to
target support around 1.09 against the franc and 153.00 against the
yen.
Looking ahead, U.S. and Canadian trade data and U.S. consumer
credit for December will be published in the New York session.
At 12:40 pm ET, Federal Reserve Chair Jerome Powell will
participate in a moderated discussion at the Economic Club of
Washington DC.
Euro vs Sterling (FX:EURGBP)
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