Sterling Lower as Brexit Talks Continue

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With the resumption of Brexit talks between the opposing factions within the UK Parliament, the Pound Sterling was trading close to the $1.31 level. FX traders appear wary of the outcome and are largely sitting this one out until there is some sort of agreement which would help shape consensus for Sterling. The latest media reports says that this week is unlikely to yield any viable news or positive outcome; a similar sentiment is already being seen in the options market with with implied lows trading close to multi-year levels.

As reported at 11:27 am (GMT) in London, the GBP/USD was trading lower at $13088, down 0.0405% and off the session trough of $1.3083. The EUR/GBP was trading higher at 0.8558 Pence, a gain of 0.1228%; in today's session, the pair has ranged from a low of 0.85381 Pence to a peak of 0.85596 Pence.

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Aussie Higher after RBA Decision

In Australia, the Reserve Bank of Australia (also known as the RBA) maintained interest rates at the current low levels of 1.5%, largely as analysts had been expecting. That, along with better than expected retail sales figures which came in at 0.3% for April, seasonally adjusted and on a month-over-month basis, helped to lift the Aussie Dollar higher. The AUD/USD was trading at $0.7013, up 0.4081% and off the session peak of $0.70482.

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.