Sterling Advances as Lawmakers Grab Brexit Control From May
Published Mar 25, 2019 06:58PM ET
Updated Mar 25, 2019 08:00PM ET
Sterling Advances as Lawmakers Grab Brexit Control From May
(Bloomberg) -- The British pound gained modestly after Parliament wrestled control of the Brexit process away from Prime Minister Theresa May, but the currency remained firmly ensconced within its recent range.
Sterling advanced as much as 0.2 percent to $1.3224 in Asia-Pacific trading Tuesday, before slipping back to around $1.3211 as of 7:50 a.m. in Tokyo.
The move came after the House of Commons voted 329 to 302 to strip power away from May over what happens next in the U.K.’s divorce from the European Union. That paves the way for members of Parliament to demand she pursues radical Plan B options, potentially including a second referendum, keeping the U.K. in the European Union’s customs union, or even canceling Brexit.
Janu Chan, a senior economist at St. George Bank in Sydney, said she doubted that the pound would push substantially higher in the short-term, because there’s a lot of uncertainty and it will be difficult to get majority support for one of the many possibilities.
The U.K. currency had climbed as high as $1.3246 on Monday and has swung within a range of $1.2949 to $1.3381 this month.
Get The News You Want
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.