The Pound Sterling was lower as investors brace for another week of uncertainty in UK politics. Theresa May, the Prime Minister, is being pressured to announce her resignation and give a leave date. It seems, according to one media report, that the only way for the Prime Minister to break the Brexit deadlock in the UK Parliament is with her voicing of her departure date. In a vote scheduled for later today, UK lawmakers will once again attempt to gain control of the Brexit process from the Prime Minister.
As reported at 11:36 am (GMT) in London, the GBP/USD was trading lower at $1.3172, down 0.3163%; the pair is just a few pips from the session trough of $1.3160 and far off the peak of $1.3225. The EUR/GBP was trading at 0.859 Pence, up 0.4972%; the pair has ranged from a low of 0.85390 Pence to a peak of 0.85985 Pence.
German IFO Read Lifts Euro
In the Eurozone, it was reported that the IFO surveys for German business came in unexpectedly upbeat. According to the IFO, the business climate reading for March came in at 99.6, above the 98.5 expected and last reading of 98.7 (which was upwardly revised). The current assessment and expectations were also higher at 103.8 and 95.6, respectively, against forecasts of 102.9 and 94. Because Germany's economy is the key driver of Eurozone growth, that news helped to push the EUR/USD higher at $1.1316, a gain of 0.1398%; the pair is moving off the session peak of $1.13249.