Pound Slides Ahead of Key Vote


The Pound Sterling couldn't maintain momentum and edged lower against the US Dollar on doubts that the Prime Minister will be able to get her Brexit-related amendments Parliamentary approval. Theresa May will likely call for her third vote on her amendments tomorrow or Wednesday, despite the apparent setback of strong criticism from Boris Johnson, the former foreign secretary, who said she needs to make changes to her plans for the Irish border backstop. May needs to get approval from lawmakers before she can present the changes to EU officials later in the week.

As reported at 11:39 am (GMT) in London, the GBP/USD was trading at $1.3243, down 0.3986% and off the earlier low of $1.3228. The EUR/GBP was trading higher at 0.8569 Pence, a gain of 0.6507%; the pair has ranged from a trough of 0.85111 Pence to a peak of 0.85800 Pence in today's trading session.

Aussie/Kiwi Edge Higher on Fed Hopes

In Asia, the Australian Dollar managed to move higher against the US Dollar on hopes that the US Federal Reserve will maintain its more accommodative stance this week. The expectations are that the generally weaker data that has been seen recently is likely to keep the Fed from under some pressure. On Friday it was reported that, on a month-over-month basis, Industrial Production hit 0.1% in February, well off the 0.4% that analysts had been predicting. The AUD/USD was trading at $0.7099, up 0.1538%, while the NZD/USD was trading at $0.6864, a gain of 0.3054%.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.