The Pound Sterling had regained some of its earlier losses on news that the Democratic Union Party of Northern Ireland would not back any Brexit amendments which included a customs union. According to insiders, that has improved the likelihood that the Prime Minister's deal could get approval from the British Parliament later this week, provided he can get it to the voting stage. Johnson's opponents could try to delay the procedure and get a customs union amendment added back in but analysts believe that they don't have the backing enough to attempt it. The customs union has been a huge obstacle that had been seemingly insurmountable until now.
The GBP/USD pushed higher at 11;01 am in London, trading at $1.29801 and falling away from t he 5-month peak of $1.30133. The EUR/GBP is lower at 0.8602 Pence, a loss of 0.22216%; the pair has ranged from a trough of 0.85893 Pence to a high of 0.86648 Pence in today's session.
German PPI Unexpectedly Upbeat
In Germany, the Producer Price Index for September was unexpectedly better than analysts had predicted at -0.1% on an annualized basis against a forecast of -0.3%. On a monthly basis, the numbers came in at 0.1%, better than the -0.1% that was predicted and the -0.5% of t he previous reading. Eurozone economic data will generally be sparse this week until just before the European Central bank's policy decision on Thursday. Economists are predicting the ECB will hold its benchmark lending rate and deposit rate at current levels. The EUR/USD was lower at $1.1163, down 0.169%.