Sterling rose sharply against the dollar on Monday afternoon after a report that Brexiteer lawmakers in the U.K. might be persuaded to back Theresa May's much-maligned EU withdrawal agreement.
The pound rose near $1.293 at around 4 p.m. London time after trading at $1.286 for much of the session. However, it quickly fell back to around 1.287 moments afterwards.
The political editor of ITV News, Robert Peston, tweeted that an influential group of pro-Brexit Conservative politicians could back the deal at a parliamentary vote on Tuesday evening. This would only happen, he said citing an anonymous MP, if an opposition Labour lawmaker dropped an attempt to block the U.K. leaving without a formal deal.
May's proposal is split into a "Withdrawal Agreement," setting out the terms of the divorce and a "Future Relationship" document, which drafts how the U.K. will interact with the EU in the future. The U.K. government and EU heads of state have signed off on the preliminary deal and now U.K. lawmakers have a "meaningful vote" to decide whether it can proceed.
Source: CNBC
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.