The Pound Sterling continued to crack under pressure and is set to record its third straight day of losses unless there is some positive news on the Brexit front. Negotiations among the parties in the UK Parliament have still not come close to any sort of agreement, and now there is once again noise that the Prime Minister's leadership is on the verge of another challenge. Analysts say that there does not seem to be anything which can sway sentiment in the Pound's favor at this time; even last week's hawkish commentary from Mark Carney at the Bank of England failed to provide any significant movement in the currency.
As reported at 11:14 am (GMT) in London, the GBP/USD was trading lower at $1.3024, down 0.3733% and just off the session trough; the pair has ranged from a session low of $1.3023 to a peak of $1.3081. The EUR/GBP is trading higher at 0.8596 Pence, up 0.4159% and near the session high of 0.85998 Pence while the low was recorded at 0.85608 Pence.
ECH Head to Take Policy Questions
Later today markets may want to focus on a question-and-answer session led by the head of the European Central Bank, Mario Draghi. Mr. Draghi will be answering questions posed to him on the topic of successful solutions to the monetary policy issues of the EU. While expectations are low that Mr. Draghi will deliver any earth-shattering message, the format of the discussion could lead to unintended clues as to the future of the Eurozone's monetary policy. Currently, the EUR/USD is trading lower at $1.1193, down 0.0027%.