Coming back from the Easter break, the British Parliament is set to resume discussions on how to move forward with the postponed Brexit. Analysts expect volatility to pick up for Sterling in the short term, with most analysts in agreement that there will not be any rapid consensus to the withdrawal plan. The Pound, as a result, was trading below the $1.30 level against the US Dollar. Even upbeat sales data and news of falling inflation failed to provide any kind of positive momentum for FX traders. The Prime Minister is expected to aggressively attempt to move the talks forward and find some common ground that could avoid a hard crash out of the trade union with the EU.
As reported at 11:22 am (GMT) in London, the GBP/USD was trading higher at $1.30.13, up 0.2535%; the pair has ranged from a low of $1.2975 in this session to $1.3019. The EUR/GBP was lower at 0.8647 Pence, down 0.29%; earlier, the pair touched on a session trough of 0.86426 Pence while the high was set at 0.86760 Pence.
EU Consumer Sentiment Survey Eyed
While most of the economic data being released today will be from the US, the Eurozone is expected to see the European Commission's report on its preliminary findings for Consumer Sentiment for the month of April. Currently, analysts are predicting that sentiment will slip to -7.2 from -7.0 in the previous reading. The last positive reading of this survey was nearly a year ago, in May 2018. While not a market mover in and of itself, in the absence of any other fundamental data, a disappointment here could briefly influence the EUR/USD pair which is currently trading lower at $1.1250.