Pound resilient as Brexit plot thickens

Pound resilient as Brexit plot thickens

Wednesday, September 11, 2019

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NEW YORK, United States (AFP) — The pound strengthened against both the dollar and the euro yesterday, as investors took heart from legislation blocking a no-deal Brexit.

The Pound Sterling also received a boost from stronger British economic growth than markets had been expecting and statistics showing unemployment at a 45-year low.

This in turn fuelled expectations that the Bank of England will refrain from cutting rates, something which could undermine the already embattled currency further still.

“With the risk of an imminent no-deal Brexit declining, the market is now pricing less aggressive easing from the Bank of England,” said Petr Krpata, strategist at ING, saying this had allowed the Pound Sterling to outperform its peers.

European stock markets, meanwhile, drifted sideways, awaiting a key European Central Bank meeting this week, while US markets ended a choppy session little changed.

Apple got a boost as it unveiled new iPhones, including a lower-priced offering, and set launch dates for its original video offering, Apple TV+, and its game subscription service.

The British parliament is now suspended, which could lead to a period of relative Brexit calm, analysts said.

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