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Pound Declines Ahead of Important Brexit Vote

December 3, 2018 at 20:18 by Vladimir Vyun

A fan of 50-pound billsThe Great Britain pound declined against other most-traded currencies today as Brexit worries outweighed positive macroeconomic data released during the European trading session.

The UK Parliament will vote on December 11 for the trade deal between the United Kingdom and the European Union. The vast majority of specialists agree that the deal will likely be rejected. Such outcome can result in a range of negative repercussions, from resigning of Prime Minister Theresa May from her seat to a “no-deal Brexit.”

Released earlier on Monday, IHS Markit/CIPS manufacturing Purchasing Managers’ Index showed an increase to 53.1 in November from October’s 27-month low of 51.1. Experts had predicted a much smaller increase to 51.6.

GBP/USD declined from 1.2745 to 1.2726 as of 20:06 GMT today, retreating from the daily high of 1.2825. EUR/GBP advanced from 0.8899 to 0.8913, rebounding from the session minimum of 0.8863. GBP/JPY inched down from 144.79 to 144.65.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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