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Pound weakened during the beginning of the weekly trading

2019-10-07 01:13 pm | Resource: News | No Views : 21

 Pound weakened during the beginning of the weekly trading

The pound weakened against its major counterparts in early European session on Monday, after a media report that British Prime Minister Boris Johnson was ready to take legal action in his attempts to ensure that Britain could leave the European Union this month without any agreement.

UK house prices grow at the slowest pace in over 6 years

On the data front, UK house prices rose at the slowest rate since April 2013, indicating the continued uncertainty about Brexit on the property market. According to mortgage lender Halifax,
  • House prices rose 1.1% in September year on year, the slowest pace in more than six years,
  • On a monthly basis, prices fell 0.4% to an average of 232.57 thousand pounds ($ 286,000).

EU must conform to the UK-made settlement

British Prime Minister Boris Johnson (pictured) said on Monday that the Brexit proposal was "very fair and reasonable," stressing that Brussels needed to match London's compromises in order to reach an agreement. “We are ready to talk to the EU at a pace to ensure an agreement is reached so that we can move forward and build a new partnership between the UK and the EU, but if possible, the EU should match the UK compromises,” Johnson said.

Moreover, the prime minister reiterated that the UK would leave the bloc on October 31, adding that he would consider any ruling by the Scottish court on whether he could be forced to sign a letter extending Britain's exit from the EU.

European Union is awaiting new proposals from London during the Brexit talks on Monday

 European Union negotiator Michel Barnier is waiting to see if British Prime Minister Boris Johnson has agreed to amend after "problematic" points in his exit plan from the European Union. Prime Minister Boris Johnson told French President Emmanuel Macron that he would not ask for a new postponement of the Kingdom's exit date from the EU, noting that this was the "last chance" to reach an agreement on Brexit.

 Pound Trading
  • The pound fell to 1.2287 against the dollar, from a high of 1.2336 at 12:00 pm CET
  • The pound traded at 131.31 against the yen, not far from the 4-week low of 131.26 seen at the beginning of the Asian session.
  • The pound fell to a 5-day low of 1.2216 against the franc from last week's closing value of 1.2274.
  • The pound fell to 0.8924 against the euro. Reflecting from a high of 0.8901 at 12:00 pm CET


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