Pound Slides On PM Johnson's Comments
16 November 2020 - 08:14AM
RTTF2
The pound dropped against its major counterparts in the European
session on Monday, after Prime Minister Boris Johnson remarked that
the U.K. is optimistic that it will develop despite a post-Brexit
deal.
The U.K. will not accept any proposals in the talks that
undermine its status as a sovereign, independent country and if the
EU don't respect the sovereignty of the nation it will leave on
Australian terms, the PM said.
UK chief negotiator David Frost reaffirmed that he would not
back down on key issues that have been sticking points in talks,
even if negotiations fail.
Talks have resumed, with a potential deadline set for a EU
leaders' video conference on Thursday.
The pound fell to 1.3166 against the dollar, from a 5-day high
of 1.3243 seen at 3:00 am ET. On the downside, 1.28 is likely seen
as its next support level.
The pound weakened to 0.8995 against the euro, after touching a
4-day high of 0.8955 at 3:00 am ET. The currency is seen
challenging support around the 0.92 region.
The pound depreciated to 1.1997 against the franc, down from a
4-day high of 1.2067 set at 10:15 pm ET. Next key support for the
currency is likely seen around the 1.18 region.
The pound eased off from an early high of 138.42 against the
yen, with the pair trading at 137.67. The pound may challenge
support around the 135.00 level.
Looking ahead, Canada manufacturing sales for September and New
York Fed's empire manufacturing survey for November are scheduled
for release in the New York session.
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