Pound Falls Amid Risk Aversion
08 Fevereiro 2016 - 3:03AM
RTTF2
The British pound weakened against the other major currencies in
the early European session on Monday amid risk aversion, as
investors focus on the Federal Reserve's next interest rate hike
path.
The U.K.'s FTSE 100 index is currently down 1.02 percent or
59.58 points at 5,788, France's CAC 40 index is down 1.72 percent
or 72.30 points at 4,128 and Germany's DAX is down 1.65 percent or
153.25 points at 9,134.
Federal Reserve Chair Janet Yellen will be on Capitol Hill for
two days of testimony as investors anxiously await further clues on
the next interest rate hike.
The latest jobs report painted a murky picture of the U.S.
economy, with a slowdown in the pace of hiring but a decrease in
the overall rate of unemployment and better-than-expected wage
growth.
In the Asian session today, the pound rose against its major
rivals.
In the early European trading, the pound fell to 0.7711 against
the euro and 169.52 against the yen, from early 4-day highs of
0.7661 and 170.63, respectively. If the pound extends its
downtrend, it is likely to find support around 0.78 against the
euro and 164.00 against the yen.
Against the U.S. dollar and the Swiss franc, the pound dropped
to 1.4484 and 1.4378 from early highs of 1.4547 and 1.4449,
respectively. The pound may test support near 1.42 against the
greenback and 1.41 against the franc.
Looking ahead, Canada housing starts for January and building
permits for December and U.S. labor market conditions index for
January are set to be published in the New York session.
At 12:05 pm ET, Bank of Canada Deputy Governor Timothy Lane will
deliver a speech titled "Monetary Policy and Financial
Stability—Using the Right Tools" at the HEC Montreal.
Chinese banks will be closed in observance of the Spring
Festival holiday.
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