Sterling's rally finds fresh legs on hopes for May's Brexit deal

Friday, 25 January 2019 16:12 WIB



The pound held near an 11-week high on Friday after a newspaper reported the party that props up the minority Conservative government could support Prime Minister Theresa May's Brexit deal, on certain conditions, in a preliminary vote next week.

The Sun newspaper said Northern Ireland’s Democratic Unionist Party had privately decided to back May’s deal in parliament if it included a clear time limit to the “backstop”, a provision to prevent routine checks on the Irish land border.

The House of Commons will vote next Tuesday on alternative Brexit plans after rejecting the deal May negotiated with the European Union, a development that pushed the bloc to brace for a no-deal Brexit in two months.

The British currency scaled a high of $1.3140 for the first time since Nov. 8 in Asian trading before edging back to trade at $1.3088.

Against the euro, the pound was broadly flat at 86.61 pence.

Source: Reuters


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