Sterling Up on Election Optimism
The Pound Sterling edged above the $1.2960 level against the US Dollar during London trade on Monday. The Pound has gained positive momentum after the British Prime Minister said that he had the full support of all of the Conservative Party candidates in December's general election as it related to his Brexit plans. Boris Johnson reported to a local media outlet that his withdrawal agreement would be approved by all of the 635 candidates from the Conservative party. Recent polls have shown a strong lead for the Tories against Labour.
The GBP/USD was trading higher at 11:09 am in London, hitting $1.2964, a gain of 0.4813% and sliding from the session high of $1.29862. The EUR/GBP is lower at 0.8530 Pence, a loss of 0.397%; the pair has ranged from 0.85212 Pence to 0.85716 Pence.
Trade Conflict News Encouraging for EU
In the Eurozone, the EUR/USD struck an 11-day peak on growing hopes that the Trump administration and Beijing will soon be able to ink a trade deal. There was news yesterday from China that constructive discussions had been had over the weekend. The pair was trading at $1.1061, up 0.095% and off the earlier high of $1.10683. Analysts say there is increasing hope for those economies which rely on trade with China, especially Australia and New Zealand, and to a large extent, the Eurozone.