Pound Lower as SC Decision Awaited

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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%.

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.