With only about three weeks left before Britain is set to withdraw from the European Union, the upcoming discussion between leaders in Britain and Ireland over border trade have pushed the Pound to a 1-month trough against the common currency. The Prime Ministers are due to meet shortly in the hopes that a proposal that will be acceptable to officials of the E.U. will have been thrashed out. Some skeptics are concerned, however, that Boris Johnson will not be an enthusiastic participant given his well known feelings on the withdrawal.
The EUR/GPB was higher at 0.8999 Pence at 11:13 am in London; the pair is moving away from the session peak of 0.90109 Pence. The GBP/USD is up at $1.2252, a gain of 0.3892%.
Data Disappoints in UK
The latest days from the UK continues to disappoint. The Office of National Statistics in the UK reported earlier that industrial and manufacturing production fell in September, both year-over-year and month-over-month. In each case the figures missed forecaster’s predictions, falling further into negative territory. Later today, market players will await the latest news out of the US, where the Department of Labor Statistics is set to release inflation data for September. Analysts are predicting a flat outcome of 2.4% on a year-over-year basis for core inflation.