Pound Higher on May Relief

The Pound Sterling edged higher during Thursday trade in London after the Prime Minister managed to eke out a win after the Parliamentary no-confidence vote on Wednesday. Analysts say that despite the relief over Ms. May's success, this time, that the Pound is still unlikely to see too much in the way of gains given the fact that the Parliament is still uncertain of the way forward for the Brexit. Theresa May is planning to seek the assistance of her European counterparts, likely asking for more concessions to make the Parliamentary proposal more palatable to her party.

As reported at 11:24 am (GMT) in London, the GBP/USD was trading at $1.2657, up 0.21% and moving away from the session peak of $1.2687; the low was recorded at $1.2610. The EUR/GBP was trading at 0.8993 Pence, down 0.05%; the pair has ranged from a low of 0.89729 Pence to a peak of 0.90147 Pence.

ECB in Focus

While the Pound has taken the market's attention in recent days, markets will focus on today's decision by the European Central Bank. For the most part, analysts expect the bank to reign in the quantitative easing efforts, but what is really the question is their outlook for rate hikes moving into 2019. Analysts believe that, given the economic situation in the Eurozone, and especially in Italy, Mario Draghi, the current head of the ECB, is likely to express caution for a rate increase in the near term. Currently, the EUR/USD is trading at $1.1379, up 0.07%.

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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