Sterling Lifted on Hope for Better Outcome
Sterling remained not far from the recently struck 2-month peak against both the US Dollar and the Euro on investor uncertainty. Yesterday, the Prime Minister managed to eke out favor in yet another no-confidence vote, but analysts say, despite that, there are grave concerns over her ability to oversee a very divided government. They say markets seem to be waiting for some more concrete information that would suggest that the worst case Brexit scenario is not likely to soon occur, however, until this data shows up support for the Pound will continue to be whittled away.
As reported at 11:44 am (GMT) in London, the EUR/GBP was trading at 0.8841 Pence, down 0.08%; the pair has ranged from 0.88317 Pence to 0.88702 Pence. The GBP/USD was trading at $1.2899, up 0.16%; earlier , the pair had hit a peak of $1.2911 while the low was established at $1.2833 for the trading session.
Uncertainty Dominates Brexit Future
Though the Prime Minister had met with party officials, the head of the Labour Party refused to come to the table. Jeremy Corbyn said unless Ms. May took the no-Deal Brexit out of play, he would not negotiate. One currency strategist said that different outlooks are garnering some appeal to investors, which include a softer Brexit and even, at the most extreme, a second referendum on the withdrawal. Most seem to be in favor of a delay for the exit so there is more time to fine-tune the details.