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Tag: Pound

British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

Finance
Sterling rose on Wednesday after U.K. lawmakers rejected leaving the European Union without a withdrawal agreement. The pound was up 2 percent against the dollar at $ 1.3339 as investors become more optimistic that a hard Brexit would be ruled out. That's the biggest move since April 2017. "Our base view — and the currency is telling you this — is we will get some form of resolution," said KKR's global head of macro and asset allocation Henry McVey on CNBC's Closing Bell. "Clearly, there's been slowing related to Brexit. The way we're approaching it is this...
Pound jumps as MPs vote to reject no-deal Brexit

Pound jumps as MPs vote to reject no-deal Brexit

Business
By John-Paul Ford Rojas, business reporter The pound has jumped as MPs voted to rule out a no-deal Brexit, on another day of volatile currency trading.Sterling climbed by as much as three cents against the US dollar to nearly $ 1.34, a nine-month high, and was two cents up versus the euro to as high as €1.18 - a new 22-month peak. That was after an amendment rejecting a no-deal Brexit in all circumstances was narrowly backed by the Commons.The currency had already made big gains in the run-up to the vote. It has swung wildly over the last couple of days.There was a broad welcome for the result from business groups but it was combined with continued frustration about the lack of a clear way forward for the process. Edwin Morgan, interim direc...
Pound up despite May's Brexit vote defeat

Pound up despite May's Brexit vote defeat

World
The pound has endured a rollercoaster ride amid the deepening political crisis over Brexit. Sterling was trading more than 1.3% lower versus the dollar on the day, at just below $ 1.27, as the clock ticked down to the so-called "meaningful vote" on Theresa May's Withdrawal Agreement with the EU in the Commons.The pound had started the trading day at $ 1.2863.:: PM May's Brexit deal heavily defeated by MPs Pound now significantly higher than before the vote (here it is vs the US$ ). Started rising when Theresa May started speaking, and continued after Jeremy Corbyn tabled his vote of no confidence. Markets far from panicked... pic.twitter.com/H6B7rb5Pac— Ed Conway (@EdConwaySky) January 15, 2019 But it soon clawed back all of...
Pound sheds some earlier gains as May wins confidence vote

Pound sheds some earlier gains as May wins confidence vote

Business
The pound has slipped back from its highs of earlier on Wednesday even though Prime Minister Theresa May won the vote of confidence in her leadership.It is at $ 1.2603 against the Dollar having hit a high of $ 1.2672 earlier.Of the the 317 Conservative MPs, 200 backed the prime minister, but 117 voted against her.XTB Online Trading said the "far from comprehensive victory" had caused "some selling in the markets". Chief market analyst 's David Cheetham said the pound had erased some of its earlier gains and headed back lower."Given that more than a third of her own party voted against her it seems increasingly implausible that she will get the requisite backing in Parliament to push through her deal and the result leaves the overall level of uncertainty a...
Pound sinks after no confidence report

Pound sinks after no confidence report

Business
Sterling fell against the dollar to a new 20-month low on Tuesday.The decline followed a Sky News report colleagues of Theresa May believed they had sufficient numbers to trigger a no-confidence vote in her leadership.Sky's deputy political editor Beth Rigby tweeted that Conservative MPs were "pretty confident" they had the 48 letters needed.But other media reported that total had not yet been reached.The pound fell to $ 1.2490, down more than half of one percent on the day, after earlier trading above $ 1.26.Investors spookedOn Tuesday a stronger dollar also dragged on the UK currency.Against the euro, sterling was at 90.555 pence, near a three-and-a-half-month low.Tuesday's weakness in the pound follows Mrs May's decision on Monday to delay a parliament...