Sterling Slides After Parliament Debate

Barbara Zigah

PoundSterling was lower against the US Dollar and flat against the Euro during the London trading session on Wednesday. Markets showed  little reaction to a Parliamentary debate ahead of the December general election. Last evening, the Prime Minister once again doubled down on his assertions relative to the Brexit, saying that he would withdraw Britain from the European Union, as promised, but offering no follow up on how that would be accomplished or what the repercussions might be.

As of 11:31 a, in London, the EUR/GBP was trading higher at 0.8571 Pence, a gain of 0.0385%; the pair has ranged from 0.85633 Pence to 0.85844 Pence. The GBP/USD was down at $1.2905, a loss of 0.1547%, and off the earlier trough of $1.28867. 

January 31st Departure Seen as Likely

The latest polls show that the Conservative Party is likely to win the election and keep control of Parliament. Currency analysts say that that is likely to keep Sterling range bound against both the Euro and greenback. The Tories are likely to approve the deal worked out with Brussels in October, which will set the stage for a January 31st leave date. 

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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