The Pound Sterling edged higher against the US Dollar after the weekend’s news on the Brexit negotiations helped lift Cable in Monday trade. According to Philip Hammond, Britain’s Finance Minister, proposals will be submitted by Theresa May on how best to move forward with the “divorce” between Britain and the European Union. Mr. Hammond said that the UK government is likely to negotiate hard ahead of the December EU summit, which could help put Britain in a more favorable light as it relates to trade between the two nations.
As reported at 11:02 am the GBP/USD was trading higher at $1.3255, a gain of 0.32%; during the session, the pair has ranged from a low of $1.31840 to a peak of $1.3280. The EUR/GBP is down 0.31% and trading at 0.8896 Pence, moving off the session trough of 0.88710 Pence while the high is at 0.89427 Pence.
Draghi in Focus
With an absence of fundamental data to move markets, FX traders will turn their attention to a pair of speeches from the head of the European Central Bank. Mario Draghi will be speaking later today in Brussels, Belgium at the ECON hearing of the European Parliament. Draghi will first be making an introductory statement and then speaking a bit later in his capacity as the Chairman of the European Systemic Risk Board.