The Pound Sterling lost ground against the greenback and Euro as FX traders fret over Boris Johnson's possible intent regarding the Brexit. The Prime Minister had said that he wants to limit time available to Parliamentarians ahead of the Brexit deadline which would prevent lawmakers from working out some sort of a compromise deal. Johnson has denied that his plans are intended to keep the lawmakers from obstructing his own plans for the Brexit, i.e. a hard exit.
As reported at 11:36 am (GMT) in London, the GBP/USD was trading lower at $1.2209, down 0.0078% and off the earlier trough of $1.2156. The EUR/GBP is higher at 0.9076 Pence, a gain of 0.6815%; the pair has ranged from 0.90241 Pence to 0.91242 Pence in today's session.
UK Legislature Helpless to Act?
With the Queen's speech set for October 14th, the move could effectively keep the lawmakers from passing any pending legislation for the period between September 9th and October 14th. The new session of Parliament would begin thereafter but legislators would have very little time to work out some sort of deal that could soften the blow.