Pound surges as May gets new Brexit deal, plans Parliament vote | Fin24
 
  • Trump and Tariffs

    Face-to-face trade meetings with China on the horizon.

  • Peter Moyo

    What is next for Old Mutual and its on-and off-again CEO Peter Moyo as legal manoeuverings continue?

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Pound surges as May gets new Brexit deal, plans Parliament vote

Mar 12 2019 07:45
Katherine Greifeld and Chikako Mogi, Bloomberg

The pound surged as the British government said it had secured changes to its divorce deal from the European Union and planned to hold a vote in the UK parliament.

Sterling climbed as much as 1.1% in Asia-Pacific trading Tuesday after climbing more than 1% the previous day amid optimism over Brexit. 

“The situation is very fluid but the market is perceiving hard Brexit scenarios as increasingly unlikely,” said Vassili Serebriakov, a macro strategist at UBS Securities in New York.

UK Prime Minister Theresa May has secured “legally binding changes” that “strengthen and improve” the Brexit deal, her deputy David Lidington told lawmakers late on Monday in London. He said the government has secured changes to the withdrawal agreement and political declaration on the future UK-EU partnership and that negotiations were ongoing in Strasbourg, France.

For now, markets seem to take it positively that there is a possibility of result other than a delay and that’s spurring short-covering, with people squaring positions,” said Shinsuke Kajita, chief strategist at Resona Holdings.

theresa may  |  brexit  |  pound
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...