The Pound Sterling slipped against its US counterpart and moved off the recently struck 6-week peak as Boris Johnson doubled down on his assertions that he would not request a Brexit delay. The Prime Minister is legally required to formally request a postponement but the Johnson team is trying to find a way around it. Johnson insists the Brexit will occur on October 31st regardless of a deal.
The GBP/USD pair was trading lower at $1.2407, down 0.1481% at 11:05 am in London; the pair fell from a high of $1.24361 while the low was at $1.23917. The EUR/GBP was up at 0.8883 Pence, a gain of 0.3695% and off the earlier high of 0.88902 Pence.
EUR/USD Higher after ZEW Release
In the Eurozone, the German ZEW surveys were released earlier today for the month of September. While the current situational survey was worse than expected at -19.9 (down from -13.5), the economic sentiment survey improved to -22.5, better than the -37.0 which analysts had predicted. That in turn helped the Eurozone composite ZEW survey which also improved to -22.4, a marked improvement from t he reading of -43.6 in August. The EUR/USD was higher at $1.1016, up 0.15%.