British Pound Climbs Higher as U.K. Parliament Rejects No-Deal Brexit

Thursday, 14 March 2019 03:58 WIB

poundSterling,PoundsterlingMata Uang Inggris


The U.S. dollar remained weak against many of its rivals Wednesday following new economic data a day after inflation figures failed to provide support. Meanwhile, the British pound climbed versus its main rivals after the U.K. Parliament rejected a no-deal Brexit on March 29.

Lawmakers rejected the idea for the U.K. to leave the European Union without a trade deal in place at the end of the month, in line with market expectations.

It follows Tuesday's rejection of Prime Minister Theresa May’s deal for a second time. Since the first rejection in January, May had received additional assurances from the European Union with regards to the treatment of Northern Ireland's border with the Republic of Ireland, but it wasn't enough to sway the vote in her favor. May's loss also reintroduced talk of fresh elections in all the drama.

Sterling had been trading higher throughout the session against both the U.S. dollar and the euro, but spiked to a session-high of $1.3282 on the results of the vote.

The U.K. currency last bought $1.3254, compared with $1.3073 late Tuesday.

On Thursday, Parliament will vote on an extension of the March 29 Brexit deadline, completing this week's key votes.

Source : Marketwatch  


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