The Pound Sterling held onto recent momentum and edged above the $1.30 level on growing hopes that a Brexit breakthrough will be forthcoming.
The chief negotiators for the two teams will be continuing their discussions by phone, despite contrary news from the Prime Minister who had said that there seemed to be no point in further talks if the EU was unwilling to make any small concessions. One currency strategist said that there does still seem to be a slight chance for a deal that is spurring Pound demand.
In London trading as of 11:05 am, the GBP/USD was trading at $1.3004, a gain of 0.7086% but a slide from the session peak of $1.30150. The EUR/GBP was lower at 0.9039 Pence, down 0.39%, with the pair ranging from a trough of 0.90218 Pence to a high of 0.90991 Pence.
Markets Focus on Central Bankers
Market players will be focusing on the upcoming speeches from various members of the major central banks, including speeches from the head of the Federal Reserve Bank and the president of the European Central Bank. Separately, and at different events, Jerome Powell and Christine Lagarde will be giving commentary on various aspects related to banking and financing. FX traders and analysts are hopeful that those speeches will include some clues as to their respective monetary policy considerations, especially given the situation as regards a global slowdown in the wake of the Covid-19 pandemic. The EUR/USD was trading higher at $1.1758, a gain of 0.0324%.