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Sterling falls

FOREX_sterling-falls_FXPIG 617

Sterling fell to a three-week low against a resurgent yen on Monday after the Japanese currency received a boost from reports that the central bank was contemplating scaling back its stimulus.

The British currency also struggled against the dollar, failing to hold on to earlier gains that had lifted the pound further away from sub-$1.30 10-month lows last week.

After rebounding on Friday as the greenback was undermined by U.S. President Donald Trump’s comments lamenting the dollar’s recent strength, sterling slipped as much as 0.2 percent to $1.3103.

Against the yen, which has firmed across the board since the Bank of Japan reports, the pound slipped 0.6 percent to 145.8 yen, the lowest since July 3.

The Bank of Japan, facing stubbornly low inflation, is in unusually active discussions before this month’s policy decision, with changes to its interest-rate targets and stock-buying techniques on the table, people familiar with the central bank’s thinking told Reuters.

A weekend poll revealed Britons were overwhelmingly opposed to Prime Minister Theresa May’s recently unveiled Brexit plan and would instead support a new right-wing political party committed to a complete break from the bloc.

Markets are now awaiting Brussels’s response.

Michel Barnier, the chief EU negotiator, said Britain’s proposals on its future relationship with the EU contained constructive elements but many questions remained.

The British parliament starts its summer recess this week and markets are now awaiting next week’s Bank of England meeting to see if the bank decides to raise rates.

Markets currently assign a roughly 70 percent chance of a rate increase despite weaker-than-expected retail sales and softer inflation data published last week.

Against the euro, sterling initially rose before trading 0.1 percent lower at 89.315 pence at 0230 GMT. Last week the pound touched four-month lows of 89.58 pence per euro.

Sterling fell to a three-week low against a resurgent yen on Monday after the Japanese currency received a boost from reports that the central bank was contemplating scaling back its stimulus.

The British currency also struggled against the dollar, failing to hold on to earlier gains that had lifted the pound further away from sub-$1.30 10-month lows last week.

After rebounding on Friday as the greenback was undermined by U.S. President Donald Trump’s comments lamenting the dollar’s recent strength, sterling slipped as much as 0.2 percent to $1.3103.

Against the yen, which has firmed across the board since the Bank of Japan reports, the pound slipped 0.6 percent to 145.8 yen, the lowest since July 3.

The Bank of Japan, facing stubbornly low inflation, is in unusually active discussions before this month’s policy decision, with changes to its interest-rate targets and stock-buying techniques on the table, people familiar with the central bank’s thinking told Reuters.

A weekend poll revealed Britons were overwhelmingly opposed to Prime Minister Theresa May’s recently unveiled Brexit plan and would instead support a new right-wing political party committed to a complete break from the bloc.

Markets are now awaiting Brussels’s response.

Michel Barnier, the chief EU negotiator, said Britain’s proposals on its future relationship with the EU contained constructive elements but many questions remained.

The British parliament starts its summer recess this week and markets are now awaiting next week’s Bank of England meeting to see if the bank decides to raise rates.

Markets currently assign a roughly 70 percent chance of a rate increase despite weaker-than-expected retail sales and softer inflation data published last week.

Against the euro, sterling initially rose before trading 0.1 percent lower at 89.315 pence at 0230 GMT. Last week the pound touched four-month lows of 89.58 pence per euro.

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