UK pound keeps to 20-month minimum on Brexit setback

UK pound keeps to 20-month minimum on Brexit setback

On Tuesday, the UK pound kept to a 20-month minimum versus the evergreen buck because UK Prime Minister Theresa May delayed a decisive vote on her Brexit agreement, thus increasing the risk of a chaotic departure from the European bloc.

On Monday, Theresa May had a parliamentary vote postponed. The vote was due to occur on Tuesday, on her Brexit agreement to look for more concessions. Eventually, the given move generated more uncertainty due to the fact that the United Kingdom currently faces Brexit without a clear agreement, a last-minute pact or another EU referendum.

As a result, the UK pound managed to surge by up to 0.1% hitting $1.2574 having dived by 1.3% yesterday, when the UK pound tumbled to $1.2507, which is its lowest outcome since April last year.

The UK pound's dive appeared to be a boon for the evergreen buck that rebounded from a 2-1/2-week minimum versus a group of currencies initially powered by a soaring view that the Fed could suspend its rate lift cycle sooner than previously expected.

Measuring the purchasing potential of the evergreen buck against its primary counterparts the USD index dipped to 97.092 having surged by 0.75% on Monday.

In addition to this, this week the 10-year Treasury note yield has sunk to a three-month minimum, with quite dovish remarks from Fed officials as well as soft American data further backing views on an inevitable pause in the tightening cycle.

The common currency tacked on to $1.1365 having decreased by 0.2% on Monday.

The euro surged versus the struggling UK currency, although worries over outrageous protests in France against President Emmanuel Macron's economic policy limited its profits.

The evergreen buck went down by 0.25% reaching 113.02 yen having surged by 0.5% overnight.


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