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Pound Rises After Merkel Says EU Has Made 'Very Important' Offer


Monday, 11 March 2019 23:30 WIB

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The pound rallied after German Chancellor Angela Merkel said that European Union President Jean-Claude Juncker had made a "very important" offer to the U.K. on Brexit.

Sterling was on course to snap seven days of declines, its longest losing streak since August, following the sign of a concession from the European side ahead of a U.K. Parliament vote on the Brexit deal Tuesday. Facing defeat by lawmakers, Prime Minister Theresa May is said to be considering all options including an aspirational motion setting out a deal they would be prepared to support.

Sterling climbed 0.5 percent to $1.3074 as of 2:25 p.m. in London, after touching a high of $1.3097. Sterling had earlier fallen to $1.2949, the lowest level in three weeks, amid reports that May could pull Tuesday’s vote.

Source : Bloomberg


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