The Pound Sterling managed to recover some of its recently lost ground after Parliamentarians took back control of the Brexit outcome. A move is expected to be made later today bt the lawmakers which would prevent Britain from withdrawing from the E.U. next month unless a transitional deal has been made. In response, the Prime Minister said he plans to call for a snap election which analysts say could result in even more uncertainty, especially if Johnson is ousted as PM and Jeremy Corbyn is installed.
As reported at 10:43 am (GMT) the GBP/USD was trading at $1.2173, a gain of 0.7274% and off the earlier peak of $1.2174; the session trough was recorded at $1.2084. The EUR/GBP was trading at 0.9046 Pence, down 0.3448%; the pair ranged from 0.90320 Pence to 0.90820 Pence in today's session.
Markit Surveys Generally Upbeat
The UK's Markit Services Sector PMI report for August was released earlier today and came in with a reading of 50.6, worse than the expected 51.0, which itself was down from 51.4 reading in July. The services sector and composite surveys showed a better outcome in the European Union. With the exception of Italy's service sector, which missed analysts' forecasts, the French, German and EU survey results were better than predicted and all above the 50.0 expansionary threshold. The EUR/USD was trading at $1.1013, up 0.3646% and off the earlier high of $1.1015.