Sterling maintain gains on Brexit hopes

2019-09-11 10:39:26 GMT (Economies.com)
Sterling maintain gains on Brexit hopes

British pound rose against US dollar today, for the third day in a row, near touching the 6-week high, after strong data in the UK and the recent developments in the Brexit file before the suspension of the British parliament which raised odds of a near UK deal with the EU.

 

GBP/USD rose by 0.3% to $1.2369, from the opening of $1.2332, with a low of $1.2320.

 

Sterling closed higher by 0.5% against dollar yesterday, its second daily gain, as it jumped to a 6-week high of $1.2384 in the previous day.

 

The British parliament rejected a vote proposed by Johnson for early elections ahead of a five-week suspension of parliament until October 14th, which is two weeks before the Brexit deadline.

 

Johnson's proposal for the election received only 293 votes, less than the two-thirds majority needed to pass it, in the latest blow from the parliament to the prime minister within a week.

 

Queen Elizabeth II on Monday approved a legislative bill requiring the prime minister to request from the EU delaying the Brexit for another three months if no agreement is reached with Brussels before October 31st.

 

British pound also drew support from strong UK data, which indicate a recovery in the British economy during Q3.

 

The data showed yesterday the average earnings index rising at the highest pace in 9 years in July, while the unemployment rates fell to 3.8%, which is the lowest level since 1975.

 
 
 
  Symbol Last Change Chg.%
1.1020
0.0000
0.0045%
1.2472
0.0003
0.0236%
17.964
0.513
2.940%
58.477
3.583
6.527%
64.28
-0.12
0.19%
1516.410
27.430
1.842%
 
 
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