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Sterling falls on news of British parliament's suspension

Sterling pound

The pound sterling fell today following news in British media that the Queen had received a request to agree to suspend the British Parliament until Brexit was completed.

As of 10:28 GMT, the pound fell today against the US dollar, reaching $1.2196, while opening at $1.2287 and reaching a session low of $1.2155.

The Great British Pound has performed worse than other major currencies over the past period, while UK government bonds have risen in conjunction with an increased likelihood of Brexit on 31 October.

In terms of the news that the suspension of the work of the British Parliament, it is reported that the parliamentary recess, which usually begins in late September and continues until early October, is expected to extend this time to October 14, to allow for the completion of the kingdom's exit process. United from the European Union by October 31. Such a suspension would give lawmakers less time in trying to block the exit process.

In a related way, the information indicates that a special council meeting of the Privy Council of the Queen's Advisory Council will be held today in Balmoral in Scotland, the summer residence of Queen Elizabeth, to discuss the request to extend the parliamentary recess until 14 October, which has led to a weak performance of the UK currency in the market currencies immediately after this news.

On the other hand, the currency market is waiting very much for developments at the British level, whether or not the Brexit process will be successful in the rescheduled period, and to what extent the pound will be affected in its competition with other major currencies, which has become unfair competition since the beginning of the fallout Brexit has had a negative impact on the daily news, particularly with the possibility of a continuing confrontation between Prime Minister Boris Johnson and the UK Parliament as well as the EU position.

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