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Markets

Sterling rises after UK lawmakers win bid to try to block no-deal Brexit

LONDON: Sterling gained in early London trading on Wednesday, as investors gave a cautious welcome to British lawmakers

04 Sep, 2019

LONDON: Sterling gained in early London trading on Wednesday, as investors gave a cautious welcome to British lawmakers success in seizing control of parliamentary time to try and block a no-deal Brexit.

Sterling, which on Tuesday fell below $1.20 and to its weakest in three-years, rose 0.4% to the day's high of $1.2129 .

Against the euro it rallied 0.3% to 90.53 pence.

Lawmakers who defeated Prime Minister Boris Johnson's government late on Tuesday are expected to introduce a bill in parliament on Wednesday seeking to stop Britain from leaving the European Union on Oct. 31 without transitional arrangements.

Copyright Reuters, 2019