Pound Lower as SC Decision Awaited

Barbara Zigah

Pound lowerPound traders were awaitng the decision from the Supreme Court of Britain to determine whether or not the Prime Minister misled the Queen over his intention to suspend the British Parliament. Boris Johnson will likely be forced to leave the General Assembly meeting of the United Nations if the courts rule against him and the British government. Analysts do not expect Johnson to be able to curry any Brexit-related favors from European leaders while in New York, and many are sceptical that any progress will be made.

The GBP/USD was trading lower at $1.2432, a loss of 0.367% at 11;13 am in London. The pair has ranged from a low of $1.24227 to a peak of $1.24914 in today's session. The EUR/GBP is trading at 0.8831 Pence, up 0.0521% and off the earlier peak of 0.88570 Pence.

EU Area PMIs Disappoint

In the Eurozone, the release of disappointing data from Markit surveys draged the EUR/USD lower. Prelimimary manufacturing and services sector surveys for the month of September were lower in each instance for France and germany and the Eurozone area, as a whole. Germany's composite PMI came in a 49.1, below the 51.4 expected, while the EU area composite survey was at 50.4, against an expected 51.9. The EUR/USD was trading down at $1.0981, down 0.324%.

About the Author
Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

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