The British pound rose above $1.30 as the risks of Britain exiting the EU without agreeing a Brexit deal appeared low
LONDON - Sterling traded around $1.30 on Monday, a 5-1/2-month high, unmoved by House of Commons Speaker John Bercow’s decision not to immediately allow a vote on the Brexit withdrawal deal as investors thought a no-deal exit from the EU would be averted.
Bercow said however, the government could still secure ratification for the deal by Oct. 31 if it had the numbers in parliament. Holding on to the 6% gains chalked up since Oct. 10, the pound was at $1.2984 after Bercow’s statement, having slipped off an earlier high of $1.3012. Against the euro, the pound strengthened 0.3% to 85.89 pence.
Parliament will vote in the second reading on legislation known as the Withdrawal Agreement Bill on Tuesday, after which amendments can be proposed.The pound opened 0.5% weaker on Monday but recouped losses as comments from Northern Ireland’s Democratic Unionist Party were interpreted as meaning it could support Johnson’s Brexit deal.
Broader market sentiment mirrored that view as gauges for implied sterling volatility in different tenures eased.
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