The British pound steadied just below a six-week high on Wednesday after its recent rebound, as investors assessed the chances Prime Minister Boris Johnson can strike a Brexit deal with the European Union.
Johnson said on Tuesday he would not request an extension to Brexit beyond the Oct. 31 deadline. Hours earlier, a law had come into force demanding that he delay Brexit until 2020 unless he can reach a transition agreement with the EU.
Johnson's team wants Brussels to tweak an existing withdrawal agreement so parliament can approve it and Britain won't crash out of the EU without a deal on Oct. 31.
Investors, calculating the risk of no-deal Brexit is receding, have pushed sterling from under $1.20, the three-year low it reached early last week, to as high as $1.2385 on Monday.
On Wednesday, sterling rose to $1.2370. The pound has also been supported this week by better-than-expected economic data, which confounded earlier expectations that the UK would fall into recession this quarter.
19 Sep 2019 06:51 PM
The Indian rupee fell against the dollar following an uptick in crude oil prices amid reports that Saudi Arabia had sought crude supply from
19 Sep 2019 04:51 PM
The Bank of England said Brexit uncertainty was causing slack to re-emerge in Britain's economy and damaging productivity, and a failure to reach a transition deal by Oct. 31 could lead to further weakness.
19 Sep 2019 04:18 PM
Indian equity indices closed over 1% lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.
19 Sep 2019 04:10 PM
The euro is trading $1.1065, up from the lows it fell to on Wednesday after the Fed cut rates but signaled no new moves are imminent. Markets are digesting the decision and eyeing several US figures.
19 Sep 2019 03:54 PM
British retail sales unexpectedly fell in August after shoppers bought less online than the month before, when an annual promotion by Amazon appeared to have encouraged them to splash out, official figures showed on Thursday.
19 Sep 2019 02:58 PM
The British pound steadied on Thursday as traders waited the Bank of England monetary policy meeting due later.