The Pound Sterling made headway against the US Dollar during London trade on Monday as traders consider the prospect that the British government may have to delay the Brexit if no deal is forthcoming. The Prime Minister has not been able to garner enough Parliamentary support for her threatened no-deal scenario. Meanwhile, support for the amendment proposed by Yvette Cooper of the Labor Party has picked up speed, with the addition of three more ministers saying that they will back her proposal which would ensure that the Brexit deadline will be pushed back instead.
As reported at 10:38 am (GMT) in London, the GBP/USD was trading higher at $1.3074, a gain of 0.1916%; the pair has ranged from a session trough of $1.3051 to a peak of $1.3100. The EUR/GBP is also higher at 0.8689 Pence, up 0.564%, and off the session peak of 0.86942 Pence while the low was recorded at 0.86685 Pence.
Mark Carney News Calms Jitters
Earlier today, the Bank of England's governor, Mark Carney, issued a statement regarding derivatives. Carney said that measures had been jointly taken up by the UK and US to ensure that the Brexit would not result in any regulatory uncertainty within the derivatives market. Analysts say that that news will certainly help to assuage some concerns traders in the FX markets have been expressing.