Sterling rallied on Tuesday on speculation that British Prime Minister Theresa M...
TOKYO - Sterling rallied on Tuesday on speculation that British Prime Minister Theresa May might be closer to securing approval for her Brexit deal after the European Commission agreed to some changes to it ahead of a vote in the British parliament.
“The market was sensitive to positive news rather than negative news as it had already priced in very bad scenarios,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo. The euro slipped to its lowest on the pound since May 2017 at 84.71 pence, before recovering the losses somewhat. It was last quoted down one-third of a percent at 85.19 pence.
The dollar index, which measures the greenback against a basket of six rivals, was down 0.2 percent at 97.056 as some investors bought riskier assets. At a joint news conference with E.U. Commission head Jean-Claude Juncker late on Monday, May announced three documents aimed at addressing the most contentious part of the exit deal she agreed in November - the Irish backstop.
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