Pound Lower Against Majors
(RTTNews) - The pound traded lower on Wednesday, amid a resurgence in the U.S. dollar ahead of key inflation data.
Personal consumption expenditures price index, scheduled for release on Thursday, may influence investor expectations about the Fed's potential moves on interest rates.
On Tuesday, Fed Governor Michelle Bowman said inflation will continue to decline further but it's too soon to begin cutting interest rates.
Weak economic data released overnight stirred expectations of an earlier-than-anticipated rate cut by the Fed.
Orders for long-lasting U.S. manufactured goods fell by the most in nearly four years in January while there was an unexpected deterioration in consumer confidence in February, separate data revealed.
The pound fell to 6-day lows of 190.27 against the yen, 1.1121 against the franc and 1.2621 against the greenback, off its early highs of 190.97, 1.1152 and 1.2686, respectively. The currency is poised to challenge support around 180.00 against the yen, 1.10 against the franc and and 1.24 against the greenback.
The pound pulled back against the euro and was trading at 0.8563. If the currency falls further, it is likely to test support around the 0.88 region.
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