LONDON: Sterling was the biggest gainer among developed-market currencies on Monday, hitting a five-week high, as investors bet the Supreme Court would on Tuesday rule the British government needs parliamentary approval to trigger formal Brexit talks.
Sterling climbed as much as 0.8 percent to hit $1.2472 , its strongest level since Dec. 19, against a dollar that was trading weaker across the board after US President Donald Trump struck a protectionist tone in his first speech as US President.
The pound also climbed a third of a percent against the euro to trade at 86.205 pence.
British Prime Minister Theresa May has said she will trigger Article 50 of the EU's Lisbon Treaty - the formal means of exiting the bloc - by the end of March and believes the government can do so without lawmakers' approval using executive powers known as "royal prerogative".
But London's High Court in November ruled it would be unlawful for her to act without parliament's approval, a decision the government appealed in the Supreme Court. Its ruling will be heard by the Supreme Court on Tuesday at 0930 GMT, with the government expected to lose the case.
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