Sterling Recovers ahead of Brexit Talks

Barbara Zigah

By: DailyForex.com

The Pound Sterling recovered from last Friday’s slide which came on the heels of the Prime Minister’s disappointing speech. Theresa May did not offer investors any sort of reassurance regarding political uncertainty and as a result the Pound remained under some sell pressure. Data showed that FX investors have trimmed their Pound bets versus the Euro in recent days, moving close to a 2-year weekly low on Tuesday, following the Bank of England’s announcement that interest rates would not be hiked for several months. The Brexit talks are also a disappointment to investors who have been waiting for some details as to how Britain might maintain preferential access upon leaving the EU.

As reported at 11:13 am (BST) in London, the GBP/USD was trading at $1.3515, a gain of 0.16%; the pair earlier hit a session peak of $1.3571 while the low stands at $1.3470. The EUR/GBP is trading at 0.87952 Pence, a loss of 0.16% and off the session trough of 0.87810 Pence.

EUR/USD Lower after IFO

In the Eurozone, the latest economic data, specifically the September IFO surveys of Germany’s business environment, fell short of market expectations. According to IFO, the reading of the Current Assessment fell to 123.6, short of the 124.8 forecast, while IFO Expectations fell to 107.4, from a downgraded 107.7 in August. As the Eurozone’s largest economy, any disappointment in the IFO readings tends to weigh on the common currency. The EUR/USD is currently lower at $1.1885, down 0.16%; the pair has ranged from a session low of $1.18790 to a peak of $1.19600.

About the Author
Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

Comments

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments
Add Comment

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.