The Pound Sterling gave up ground as discussions on the Brexit agreement continue. According to both sides, there is still considerably more work needed before an agreement can be secured in order for Britain to leave the European Union in a good position. The officials said that was was needed was for the Prime Minister to offer up additional concessions; given his position on the matter, analysts think that is unlikely. Both sides won't want to give up too much in this give-and-take period, say insiders.
The GBP/USD was lower at $1.2560 as of 11:16 am in London; the pair is off the session trough of $1.25491 while the high was recorded at $1.26632. the EUR/GBP is up at 0.8788 Pence, a gain of 0.7105%.
Euro Gets Brief Bounce from Data
The Euro may be getting a small bounce on news that seasonally adjusted the Eurozone's Industrial Production improved in August on a month-over-month basis; Eurostat reported a rise to 0.4% against an expected 0.3%, well above the -0.4% in the previous reading. The EUR/USD was higher at $1,1039, up 0.0353%.