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Pound holds most gains after PM May survives vote but Brexit still in peril

“He added while China’s authorities don’t want a very strong renminbi, he did not expect Chinese interest rates to rise anytime soon” reports cnbc.com. “To cope with the slowdown, the Chinese authorities need a not-strong renminbi, but it can’t weaken too much — above seven renminbi per dollar,” Yamamoto said. China’s central bank faces a test next week if the U.S. Federal Reserve raises interest rates as widely expected.The offshore yuan traded at 6.8706 per dollar, after strengthening almost half a percent from 6.8980 per dollar during the previous session. Source:…

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British pound strengthens as U.K.’s May faces leadership vote

“The British pound was one of the strongest major developed market currencies on Monday, advancing as U.K. Prime Minister Theresa May faces a vote of no-confidence” writes Markets Reporter for marketwatch.com. Trump also commented again on the Federal Reserve’s monetary policy, saying it would be “foolish” to raise interest rates. Source: marketwatch.com Share This:

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The pound is edging higher as vote on Theresa May’s leadership upends possible Brexit outcomes

“The pound whipsawed in early Wednesday trading, falling on news of a vote on Prime Minister Theresa May’s leadership then recovering as investors weighed the impact on Brexit” writes Trista Kelley for businessinsider.com. While uncertainty in the government weighs on the currency, the potential for a delayed Brexit is positive for the pound.That sent the pound lower Wednesday morning, edging higher and then holding steady as May said she will fight to persevere in executing the country’s exit from the European Union. Source: businessinsider.com Share This:

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British pound hits fresh 20-month low as U.K.’s May struggles with Brexit deal

“The Prime Minister pulled the vote on her Brexit deal on Tuesday, apparently under the assumption that she would lose it anyway” writes Markets Reporter for marketwatch.com. The British pound touched a fresh 20-month low on Tuesday amid continuous Brexit struggles that saw U.K. Prime Minister Theresa May jetting across the European continent in an effort to get reassurances on the Northern Ireland border issue as she attempts to shore up support at home for her Brexit plan.The pound GBPUSD, -0.2866% last bought $1.2537, down 0.3%, but up from its…

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GBP News 

Sterling sinks on Brexit vote delay, Asian shares dither

“Australian shares gained 0.6 percent while Japan’s Nikkei lifted 0.2 percent” writes Midwest Communications Inc for 95kqds.com. Separately, disappointing data from major economies including China and Japan have fanned worries about global economic activity.Overnight on Wall Street, major indexes bounced modestly from an initial drop due in part to a recovery in Apple shares.British Prime Minister Theresa May abruptly postponed a parliamentary vote on her Brexit agreement, a move that hit risk assets globally and sent the pound spiraling to $1.2505.All that has put brakes to the rapid momentum in…

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U.K.’s May confirms Brexit vote delay, says deal must include controversial Northern Ireland backstop

“Members of parliament critical of May’s deal have said the backstop could become permanent and thus infringe upon the U.K.’s sovereignty” writes Markets Reporter for marketwatch.com. The primer minister further said there was “no deal available that doesn’t include the backstop,” referencing the agreed solution to dealing with the border between Northern Ireland and the Republic of Ireland.U.K. Prime Minister Theresa May confirmed the parliamentary vote on the Brexit deal she agreed with the European Union would be delayed during a speech in the British House of Commons on Monday.May…

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Pound slides to 18-month low as May’s Brexit vote is ditched

“The pound fell to its lowest level in 18 months following reports that Theresa May is about to pull a vote on her Brexit deal, which was widely expected to be crushed in Parliament tomorrow” writes Liam Halligan for telegraph.co.uk. Sterling slid more than 0.5pc against the US dollar to $1.263, its weakest level since June 2017, as traders digested news that brings with it more uncertainty over the economy and Britain’s trading relationships with the EU. The pound also dropped more than 1pc against the euro to €1.1060, a level not…

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How will the pound react if May pulls the plug on tomorrow’s Brexit deal vote?

“Time is running out for Theresa May as she has very much exhausted all her options ahead of tomorrow’s meaningful vote in parliament over her Brexit deal” reports forexlive.com. And that makes any reprieve for the pound arising from a postponement of the vote one that will be short-lived.That little bit of hope is what will give the pound a bit of a jolt higher but don’t expect it to last.But for the pound, there’s still hope for an unlikely source of comfort in one of those outcomes.They have been…

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Dollar slides as US jobs data dents Fed tightening outlook; yuan on back foot

“The downbeat trade data reinforced views that Chinese authorities will have to roll out more support and stimulus measures soon to stabilize the economy, even if a trade deal with Washington is reached” reports cnbc.com. The Chinese yuan was on the defensive to after weak data pointed to a further cooling in the world’s second-biggest economy.The dollar fell 0.26 percent against the yen to 112.43, edging near Thursday’s 5 1/2-week low of 112.23. Source: cnbc.com Share This:

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