The Pound Sterling continued to inch higher after this weekend's news on a Brexit agreement helped to alleviate investors' concerns. The EU leadership said that they have signed off on a deal with the government of Britain and that it is the “best possible” outcome that Theresa May could have achieved. The British Parliament will still need to ratify the terms of the agreement and a vote is planned for mid-December; current strategists expect that Pound trading is likely to be relatively low-key until then.
As reported at 11:28 am (GMT) in London, the GBP/USD was trading at $1.29, a gain of 0.28% and slipping from the earlier session peak of $1.2857; the low was recorded at $1.2796. The EUR/GBP was trading at 0.88437 Pence, up 0.02%; the pair ranged from a session trough of 0.88360 Pence to 0.88690 Pence.
Markets to Focus on G20
With the Brexit news pushing Sterling to the backseat, markets can focus on the upcoming G20 summit in Argentina. There, the focus for market players will be the conversation centered on the US-Sino trade war. Analysts say that US and Chinese Presidents Trump and Xi Jinping are likely to talk about the trading feud that had recently begun. Analysts are hopeful that the two can negotiate some sort of deal which would prevent the US-imposed tariffs of 10% on Chinese imports from escalating to Trump's proposed 25%.