Pound Edges Up After EU Leaders Sign Off on Brexit Divorce Deal By Bloomberg


© Reuters. Pound Edges Up After EU Leaders Sign Off on Brexit Divorce Deal

(Bloomberg) — The pound rose after European leaders endorsed the U.K.’s Brexit divorce terms at a special summit on Sunday in Brussels.

The European Union signed off on the deal as expected, but warned British politicians they won’t get a better agreement if they reject it. That may keep a lid on sterling gains, given that U.K. Prime Minister Theresa May needs to get the deal through Parliament and is facing calls to change it from both her own party and opposition Labour.

The pound gained 0.2 percent to $1.2839 by 6:10 p.m. in London, after trade opened in early Monday Asian hours. Sterling has made little headway this month, despite the Brexit divorce being agreed, after the resignation of some of May’s ministers made clear the scale of lawmakers’ opposition to the deal.

The vote in the House of Commons may take place between Dec. 10-11, newswire Ansa reported, citing unidentified people in the EU. Approval by lawmakers could drive the pound up above $1.35, while rejection could send it toward $1.20, currency strategists have said.

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