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You can find the current article at its original source at http://www.theguardian.com/business/2019/jan/30/pound-falls-after-commons-vote-spurs-no-deal-brexit-fears
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Pound falls after Commons vote spurs no-deal Brexit fears | Pound falls after Commons vote spurs no-deal Brexit fears |
(about 1 hour later) | |
The pound fell sharply on the foreign exchanges after MPs failed to seize control of the Brexit negotiations from Theresa May in order to rule out a no-deal departure from the EU. | The pound fell sharply on the foreign exchanges after MPs failed to seize control of the Brexit negotiations from Theresa May in order to rule out a no-deal departure from the EU. |
Sterling dropped by more than a cent against the US dollar to its lowest point of the day after a series of votes in the House of Commons were seen as increasing the prospect of Britain leaving without an agreement on 29 March. | Sterling dropped by more than a cent against the US dollar to its lowest point of the day after a series of votes in the House of Commons were seen as increasing the prospect of Britain leaving without an agreement on 29 March. |
The pound has been rising steadily on the currency markets since MPs voted by a majority of 230 to reject the withdrawal agreement negotiated between London and Brussels but, after trading at about $1.32 earlier in the day, sterling fell to $1.3088 against the dollar when MPs passed Graham Brady’s amendment giving the prime minister scope to restart negotiations with the EU. | The pound has been rising steadily on the currency markets since MPs voted by a majority of 230 to reject the withdrawal agreement negotiated between London and Brussels but, after trading at about $1.32 earlier in the day, sterling fell to $1.3088 against the dollar when MPs passed Graham Brady’s amendment giving the prime minister scope to restart negotiations with the EU. |
How has Brexit vote affected the UK economy? January verdict | How has Brexit vote affected the UK economy? January verdict |
“The fact we are now staring at the Brexit deadline of 29 March once again as a cliff-edge event has disappointed many in the market who were betting on a sterling recovery,” said Jeremy Thomson-Cook, WorldFirst head of FX strategy. | |
David Cheetham, an analyst at XTB online trading, said: “On the one hand, the outcome represents a victory for the government, in defeating the [Yvette] Cooper amendment and seemingly uniting her party with the vote in favour of the Brady motion, but really it leaves the UK no closer to a deal which is acceptable both by parliament and the EU. | David Cheetham, an analyst at XTB online trading, said: “On the one hand, the outcome represents a victory for the government, in defeating the [Yvette] Cooper amendment and seemingly uniting her party with the vote in favour of the Brady motion, but really it leaves the UK no closer to a deal which is acceptable both by parliament and the EU. |
“The past fortnight’s trade has been characterised by a steady appreciation in the pound, which was largely due to a growing consensus who believe that the chances of a no-deal were rapidly diminishing, but this narrative is now being challenged a little more.” | “The past fortnight’s trade has been characterised by a steady appreciation in the pound, which was largely due to a growing consensus who believe that the chances of a no-deal were rapidly diminishing, but this narrative is now being challenged a little more.” |
The pound bounced around the same mark in overnight trading and was at $1.309 at 5.30amGMT. | The pound bounced around the same mark in overnight trading and was at $1.309 at 5.30amGMT. |
The FTSE100 was set to bounce by 0.5% on Wednesday morning, however, as the falling pound is good news for the index’s large number of multinational companies, which report profits in US dollars. | The FTSE100 was set to bounce by 0.5% on Wednesday morning, however, as the falling pound is good news for the index’s large number of multinational companies, which report profits in US dollars. |
Sterling | Sterling |
Currencies | Currencies |
Brexit | Brexit |
European Union | European Union |
Europe | Europe |
news | news |
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