Safe haven currencies benefited from the rising confusion in the Brexit plans. Parliament essentially approved the deal for Britain's withdrawal but rejected the Prime Minister's timetable. Boris Johnson said that he would likely call for a general election by December 25th, as a result, adding to the confusion. The European Union leadership still has to agree to an extension of the deadline, though analysts believe it will pass. With the prospect of a hard crash out of the EU falling substantially, it is the geopolitical wrangling in Britain which is weighing on the Pound.
The GBP/JPY was lower at 139.442 Yen, a loss of 0.1182% as of 11:06 am in London. The pair has ranged from a low of 139.071 Yen to a peak of 140.031 Yen. The GBP/USD was also lower at $1.2860, a loss of 0.0513%, while the EUR/GBP is down at 0.8461%, a loss of 0.0243%.
Look Ahead to Thursday in the Eurozone
With a quiet day ahead from the standpoint of economic data, tomorrow will certainly pick up the slack. Likely market moving events include Germany's Markit surveys with analysts forecasting only minor improvements to last month readings. The European Central Bank is also set to release its policy decision with analysts forecasting the status quo on rates and asset purchases. Of note, this will be Mario Draghi's final meeting as the ECB President and he will likely face a number of questions clarifying ECB policy. Christine Lagarde of the International Monetary Fund will take the helm immediately after Draghi's term ends.