Sterling Bounces as Labour Prepares Bid to Avert No-Deal Brexit
Thursday, 15 August 2019 23:37 WIB | CURRENCIES |Sterling,Poundsterling

Sterling rose on Thursday to the highest in more than a week, supported by news that the opposition Labour Party was mounting a bid to bring down Prime Minister Boris Johnson and stop him taking Britain out of the EU without a deal.

The currency also was lifted by better-than-expected retail sales, which came on the heels of Wednesday™s higher inflation numbers that raised hopes the economy might be in better shape than previously thought.

Labour said it would call a vote of no-confidence in Johnson™s government as soon as it believes it can win it and would form a temporary government under leader Jeremy Corbyn to delay Brexit.

While derivatives indicate market players may be trimming back some short sterling positions, the currency™s prospects remain clouded by the risk of Britain exiting the European Union without a divorce agreement at the end of October.

By 15:30 GMT, the pound was 0.5% higher at $1.2136, having briefly touched a high of $1.2150. However it remains not far from the 31-month low of $1.2015 it reached on Monday.

Source : Reuters

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