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.