As has long been the case, Brexit worries helped to keep the Pound lower versus its peers. Over the weekend, comments from two key individuals successfully dented sentiment for the Pound. The first comments allegedly came from Michel Barnier, the lead Brexit negotiator for the European Union, who is purported to have agreed with one Tory negotiator's opinion that the Prime Minister's plan was “rubbish.” The second comments were from Boris Johnson, the UK's ex-foreign secretary, who said in an article that Ms. May's plan would ultimately be a declaration of surrender to Brussels.
As reported at 11:28 am (BST) in London, the GBP/USD was trading at $1.2819, down 0.39%; the pair has ranged from a trough of $1.2814 to a peak of $1.2876 in this trading session. The EUR/GBP is trading lower at 0.9012 Pence, a loss of 0.1772%; the pair is off the low for the session which is recorded at 0.8967 Pence.
Will Carney Leave BoE?
A new concern is also weighing on Sterling and that is who will take over the helm of the Bank of England if Mark Carney decides not to extend his term beyond the next June. Mr. Carney will be meeting before the UK Parliament later today and is expected to discuss his own future. Analysts say that should he decide not to continue on in the role of BoE Governor, the lead contender is likely to be Andrew Bailey of the UK's Financial Conduct Authority.