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Pound Weakens On Rate Uncertainty
(RTTNews) - The pound fell against its most major counterparts in the European session on Monday, weighed by New York Fed President John Williams' remarks that policymakers "aren't really talking about rate cuts right now".
In an interview with CNBC on Friday, Williams said it is premature to talk about when and how much rates may be trimmed.
Atlanta Federal Reserve President Raphael Bostic pushed back against expectations of an imminent cut, saying policymakers need several months to gather enough confidence in the continuing decline of inflation to consider a move.
Bostic added that the central bank can begin easing "sometime in the third quarter" next year if inflation drops as expected.
U.S. reports on personal income and spending, durable goods orders, housing starts and new and existing home sales due this week may also shed more light on the economic and rate outlook.
The pound declined to 4-day lows of 1.2645 against the greenback, 0.8629 against the euro and 1.0968 against the franc, off its early highs of 1.2703, 0.8583 and 1.1043, respectively. The currency may possibly face support around 1.24 against the greenback, 0.88 against the euro and 1.03 against the franc.
In contrast, the pound edged up against the yen, touching 180.89. The pound may find resistance around the 183.00 level.
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