Sterling Trade Anxious for Voting
Nervous FX traders are sitting on the sidelines as they await the outcome of two crucial Parliamentary votes on the Brexit withdrawal. With the October 31st deadline looming large, it is especially critical for Boris Johnson who has said that he did not want to request a postponement of the leave date, despite the fact that he is mandated by law to do so. If the votes are not available, then the proverbial ball is in the Prime Minister's court.
The GBP/USD is struggling for traction as of 11:20 am in London, trading lower at $1.2940, a loss of 0.1435; the pair had earlier hit a trough of $1.29210. The EUR/GBP is trading at 0.8609 Pence, up 0.1489%; the pair has ranged from 0.85681 Pence to 0.86214 Pence in today's session.
Greenback Advances on Trade News
In the US, the Dollar is getting support from rising hopes that a trade deal between the two largest economies seems to finally making some progress. Officials in Beijing said they felt that a common resolution would be found for any and all problems that the two countries have. An official of the Trump administration acknowledged that, provided the talks continue positively, scheduled December tariffs on Chinese goods might be postponed or even withdrawn. The USD/JPY was higher at 108.5800 Yen, a gain of 0.0120% and off the earlier peak of 108.735 Yen.