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Sterling rises off 5-month lows after biggest weekly drop this year

Sterling rises off 5-month lows after biggest weekly drop this year

Sterling inched above five-month lows today as British Prime Minister Theresa May makes a last-ditch attempt to get a Brexit deal through parliament before she leaves office.

However continued scepticism from the opposition Labour Party capped gains.

After failing three times to get parliament’s approval for her EU divorce deal, May said she will present a “new, bold offer” to lawmakers with “an improved package of measures” in a final attempt to secure a Brexit deal.

Though there is boad scepticism that any such deal will go through, sterling did rise 0.3% against the dollar today to $1.2754.

However that follows sterling’s 2.2% slump against the dollar last week, its worst week since October 2017.

The British currency was also up 0.2% against the euro today at 87.51 pence.

The leader of Britain’s opposition said he would not support May’s new attempt to push through her Brexit bill if it was fundamentally the same as the bill that had been defeated three times before.

This inability of the British parliament to compromise on Brexit has led the market to take a much more binary view on the outcome; divided between a so-called hard Brexit and a second referendum.

Adding to this feeling is a poll that showed Boris Johnson, a prominent leader of the Brexit campaign, as top choice among members of Britain’s ruling Conservative Party to replace May as prime minister.

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