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Sterling Slips From 5-Mth High after Brexit Plan Hits Snag


Monday, 21 October 2019 07:42 WIB

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Sterling fell over half a percent against the dollar on Monday, slipping from five-month highs after the British parliament delayed a crucial vote on a Brexit withdrawal agreement.

The move derailed Prime Minister Boris Johnson's plan for a decision on his withdrawal deal, but the pound held the bulk of its recent rally on confidence that a disorderly exit from the European Union would be avoided.

In early Asian trade, the pound fell 0.72% to $1.2896, having hit a five-month peak of $1.2990 on Friday and closing the week just below the $1.30 mark, a 6.5% surge since Johnson struck an EU divorce deal on Oct. 10.

Lawmakers on Saturday voted to withhold a decision on Johnson’s deal, a move that forced him to seek from the EU a third postponement of Britain’s departure from the bloc. Britain’s exit had been envisaged for Oct. 31. But Johnson added another note saying he was opposed to an extension and British government minister Michael Gove said on Sunday Brexit will happen by Oct. 31 as the government seeks to get the Brexit bill through the parliament.

Source : Reuters


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