British pound surges against the dollar for the first time since May after Brexit draft deal announcement but falls again after opposition from Northern Ireland's DUP
British Prime Minister Boris Johnson shakes hands with European Commission President Jean-Claude Juncker during a press point at EU headquarters in Brussels, Thursday, October 17, 2019. Britain and the European Union reached a new tentative Brexit deal on Thursday, hoping to finally escape the acrimony, divisions and frustration of their three-year divorce battle.
The pound held on to most of those gains for a while, absorbing a bout of profit-taking, but then the currency plunged when it dawned on investors that there was no guarantee of UK parliamentary backing for the agreement. "There is still a chance for a no-deal Brexit - although the more likely scenario would be for the Prime Minister to follow the law and request the EU for a Brexit deadline extension, which then opens up more uncertainty," said Fawad Razaqzada at Forex.com.
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