Pound Sluggish on Brexit News

Barbara Zigah

Data points released earlier today for the EU members show the impact of the various quarantine and lockdown measures on economies.

GBP/USDThe Pound Sterling is struggling for traction against its two main rivals, the greenback and Euro, and are trading close to recent lows on media reports that the Brexit negotiations have stalled. Yesterday, the British government advised EU officials that it needed to breach a fundamental impasse if there was to be a brokered trade deal by year's end. The Prime Minister has said he will personally resume talks next month when members of the negotiating team meet in Belgium. Part of the problem is that the UK government has declared that there will be no extension of the transition period.

The GBP/USD was trading at $1.2249, a loss of 0.0113% and off the session trough of $1.22413, as of 11:05 in London. The EUR/GBP was higher at 0.8991 Pence, a gain of 0.2073%; during today's trade, the range for the pair was from a low of 0.89529 Pence to a high of 0.89933 Pence.

Advertisement
Heavy swings in the dollar make highly profitable trades

Make Your Move Now!

EU Data Points Show Stark Reality

Data points released earlier today for the EU members show the impact of the various quarantine and lockdown measures on economies. In Spain, the reading for retail sales on an annualized basis came in at -31.6, far worse than the -2.3% expected. Preliminary inflation data for Spain for May was also worse than expected at -1%, down from -0.7% in the previous period. In Italy, business confidence surveys came in with a reading of 71.2 for the month of May, against a forecast of 79. For the European Union, the business climate survey conducted by the European Commission came in at -2.43, off of the previous reading of -1.99 which was revised lower from -1.81. The EUR/USD was trading lower at $1.0997, down 0.0509%.

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.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.