|Day's Range||0.856 - 0.868|
|52 Week Range||0.8499 - 0.9108|
The European Union proposed a conditional extension of the Brexit deadline until May 22 -- when elections for the European Parliament begin -- in draft conclusions of a European Council meeting Thursday, according to reports. However, the extension would be tied to the U.K. Parliament supporting Prime Minister Theresa May's withdrawal deal. The deal, or an amended version thereof, is expected to be put to vote next week. The EC said an extension beyond May 22 was impossible due to the EU elections, which the U.K. isn't intending to take part in. May had requested an extension until June 30. At present, the U.K. is set to leave the EU on March 29 without a trade deal in place. The British pound , dropped to a session-low of $1.2981 shortly before the extension proposal became known. It was its lowest level in about two-weeks. Sterling last bought $1.3046, down 1.1% from Wednesday. The euro , meanwhile, bought £0.8700, up 0.6%.
The U.S. dollar adds to the previous week’s losses on Monday, trading weaker against many of its rivals as traders look ahead to a Federal Reserve policy meeting later this week.
The British pound fell to session lows on Monday after the speaker of the House of Commons, John Bercow, ruled that Prime Minister Theresa May's government couldn't ask for yet another vote on May's Brexit deal on Tuesday unless the deal had changed. The reasoning is that the government can't bring the same motion twice, according to local reports. May's deal has been rejected twice already, once in January and amended version last week. The U.K. is scheduled to leave the European Union on March 29. So far, no trade deal with Brussels is in place but the U.K. Parliament has also rejected a hard, no-deal Brexit. The U.K. is next expected to request an extension of the March 29 deadline, in line with a parliamentary vote from last week. Sterling dropped in response to yet another blow to May's government. Last week, after her deal was rejected again, chatter of fresh elections began among political and market experts. The British pound last bought $1.3191, down 0.8%, according to FactSet. One euro fetched £0.8591, up 0.9%.
The U.S. dollar snaps a four-day losing streak on Thursday, climbing higher against its rivals amid renewed uncertainty over Sino-American trade negotiations and weakness in European currencies. The British pound retraces its gains from a day ago, as the U.K. Parliament voted to request an extension of the March 29 Brexit deadline.
The British Parliament voted to request an extension of the March 29 Brexit deadline on Thursday, concluding key Brexit decisions for this week. The proposal, brought by the government, denotes an extension to June 30 if Parliament can agree on a withdrawal deal by March 20 -- next week Wednesday -- or else a longer extension. This has in turn led to speculation about whether Prime Minister Theresa May could put her deal to a vote for a third time next week. Lawmakers rejected it twice so far, once in January and once on Tuesday. On Wednesday, Parliament ruled out of any no-deal Brexit at any point. The British pound was rather muted in response, holding its existing losses following Thursday's vote, after recording its biggest one-day percentage gain in nearly two years and a nine-month high on Wednesday. Sterling last bought $1.3266, down 0.5%. The euro fetched £0.8524, up 0.4%.
The U.S. dollar remains weak against many of its rivals on Wednesday following some economic data a day after inflation figures fail to provide support. Meanwhile, the British pound climbs versus its main rivals after the U.K. Parliament reject a no-deal Brexit on March 29.
The U.K. Parliament on Wednesday voted against a no-deal, hard Brexit, in line with expectations. The motion passed by a margin of just four votes, less than in January, when it was first voted on. Lawmakers then confirmed a rejection of any no-deal in a follow-on vote. Parliamentarians also rejected the so-called Malthouse compromise, which included an extension of the March 29 deadline to May 22 to manage a no-deal exit. On Thursday, Parliament will vote on whether to request an extension to the March 29 deadline--just 16 days away--to reach a trade agreement with the European Union. On Tuesday, lawmakers rejected Theresa May's deal for leaving the EU for the second time following an initial vote in January. The British pound had been sharply stronger against the U.S. dollar ahead of the vote as traders expected the outcome of Wednesday's vote. Sterling briefly spiked on the results, last buying $1.3256, compared with $1.3073 late Tuesday. Against the euro , the pound also climbed, with the shared currency last buying £0.8551, down 1%.
Investing.com -- The British pound is higher against the dollar and euro in early trading in Europe Wednesday, as the market leans on balance towards believing that Brexit will be softened, delayed or even cancelled.
Tuesday’s session is dominated by the British pound and news flow surrounding Brexit ahead of a key votes on how the U.K. will leave the European Union on March 29.
The British Parliament rejected U.K. Prime Minister Theresa May's Brexit deal in a vote on Tuesday, with 242 votes in favor and 391 against. Market participants expected the rejection, as the House of Commons rejected her initial deal in January, and the last-minute assurances May received from the European Union weren't believed to be sufficient to turn votes around. Lawmakers will now have the chance to vote on whether they want a hard, no-deal Brexit on Wednesday, followed by a vote on a possible extension of the March 29 Brexit deadline on Thursday. The British pound's reaction to the outcome was limited, as traders had anticipated the outcome. Sterling pared some of its losses, but remained in negative territory, last buying $1.3112, down 0.3%. Against the euro , the pound also gained slightly, with the shared currency last buying £0.8615, up 0.8%, off previous highs.
The Brexit saga is once again coming to a head this week, with multiple key votes scheduled in the British Parliament and only 16 days to go until the U.K. is scheduled to leave the European Union.
This week, we see the long-awaited real, final vote on Brexit (maybe). There are three possible outcomes that we know of: PM May’s deal, no deal, or an extension of uncertain length.
Investing.com - The British pound fell by more than a cent against the dollar as the U.K. government's top lawyer effectively killed off any chance that the U.K.'s agreement on leaving the EU would pass a vote in parliament later Tuesday, reviving the specter of a disorderly 'no-deal' Brexit.
Investing.com - The pound rallied in early European hours on Tuesday after British Prime Minister Theresa May secured last-minute changes from the European Union for her Brexit deal before a crucial vote in parliament later in the day.
The British pound rose sharply against the U.S. dollar and the euro on Monday, gaining more than 1% against each rival currency, ahead of a key Brexit vote in the British Parliament on Tuesday. According to local reports, U.K. Prime Minister May was headed to the European Parliament in Strasbourg, France on Monday for last-minute talks with EU officials regarding her Brexit deal. She is expected to make a statement later in the day. Meanwhile, in the U.K., pro-Brexit lawmakers said they would examine any changes to May's original deal when it will be presented Tuesday. At the start of the year, the prime minister's initial deal was rejected by Parliament. Sterling rallied to session high of $1.3170, but has since pulled by some, changing hands at $1.3145, up 1%. The euro fell as low as £0.8533 against the pound and last fetched £0.8545, down 1%.
Investing.com - The euro is trying to recover early Friday in Europe from the battering it took on Thursday after the European Central Bank cut its growth forecasts and failed to convince markets with its plan for stabilizing the Eurozone economy.
Investing.com - The European Central Bank pushed back its timeline for raising interest rates and announced a new round of low-cost funding to banks, known as TLTROs, effectively admitting that the slowdown across the euro zone’s economy will last longer than it first thought.
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Sterling adds to gains Wednesday as investors focus on Brexit developments that left the British pound once again one of the best performers.
Investing.com - The U.S. dollar was mixed against the other major currencies on Wednesday as the yen gained ground on the back of geopolitical tensions and the British pound pushed higher with investors expecting Brexit to be delayed.