GBP on the back foot as new speaker announced, UK services PMI in focus…
The pound slipped against its counterparts yesterday as sentiment dampened, with Parliament about to be dissolved following confirmation of a new Speaker of the House.
Lynsey Hoyle has become the new Speaker. Mr Hoyle is the Labour MP for Chorley and was deputy speaker to John Bercow since 2010.
Parliament will be dissolved on Wednesday in preparation for the 12th December general election. Sterling was pushed lower yesterday as we approach this date. It broke through the $1.29 handle against the greenback and meandered lower against the euro.
Sterling traders & dealers will now shift their attention to a key piece of economic data in the form of October services PMI. This particular piece of data is one of the most important in displaying the health of the UK economy. The release will cross the wires at 0930 and could create some volatility across pound pairs.
Elsewhere, eurozone PPI (producer price index), US non-manufacturing ISM and Canadian trade balance will all be released throughout the trading day.
Written by Viv Savani. 9:12am, November 5th 2019
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9:28am, May 15th 2020
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