Sterling continues to fall on Brexit concerns

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Wednesday, Mar 23 2016

The pound continued to fall against the dollar and the euro on Wednesday, as the attacks in Brussels were seen as increasing the chances of a British exit from the European Union in a June 23 referendum. The Bank of England’s Financial Policy Committee, which is charged with safeguarding financial stability, was to hold its final meeting before the referendum later Wednesday.

Also, markets are still influenced by yesterday's weaker than expected UK CPI figures. Inflation has been below the BOE’s target for more than two years, largely due to lower oil prices. With Governor Mark Carney warning about international risks to the U.K. economy, weak price growth is giving him leeway to keep interest rates at a record low. Pacific Investment Management Co. said its base case is for no U.K. rate increase this year, and it even sees a greater risk of a cut.

Sterling is currently being traded few points above 1.4160 level. Pair is likely to find support around 1.41 handle and resistance above 1.42 level. Later today, in the US session, New Home Sales figures are scheduled for a release.

More in this category: « Euro still influenced by Brussels attacks New Home Sales at an annual rate of 512,000 »

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