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CURRENCIES: British Pound Gains After Parliament Seizes Control Of Brexit Process

Date : 26/03/2019 @ 12:17
Source : Dow Jones News

CURRENCIES: British Pound Gains After Parliament Seizes Control Of Brexit Process

By Anneken Tappe, MarketWatch

The British pound was in focus early Tuesday after the U.K. Parliament seized control of the Brexit process late Monday, dealing another blow to embattled Prime Minister Theresa May.

In another reasonably close result, 329 members of Parliament voted in favor of so-called indicative votes (http://www.marketwatch.com/story/british-lawmakers-take-brexit-control-away-from-mays-government-2019-03-25) to narrow down Brexit votes that can get majority support. A range of options will be taken up for a vote on Wednesday. These alternatives could include a second referendum, cancelling Brexit altogether or a no-deal exit from the European Union.

May's deal was expected to come to a third vote this week, after earlier versions were rejected by lawmakers in January and earlier this month. On Monday, the premier acknowledged that she didn't have enough support to bring it to a vote yet.

"Market consensus believes the majority of MPs would prefer a move toward a permanent customs union option, which would in turn require an extension of article 50 by the year-end," said Dean Popplewell, vice president of market analysis at Oanda. "The downside is that a long extension to Brexit would bring 'prolonged uncertainty."

The British pound was stronger on Tuesday, buying $1.3229, compared with $1.3196.

The ICE U.S. Dollar Index continued its slow decline and eased 0.1% to 96.502.

Don't miss:Favorable factors stacking up for dollar bears, with this caveat (http://www.marketwatch.com/story/favorable-factors-stacking-up-for-dollar-bears-with-this-caveat-2019-03-25)

The U.S. economic calendar includes housing starts and building permits for February at 8.30 a.m. Eastern, home prices for January at 9 a.m. and the March consumer-confidence index at 10 a.m.

The euro was little changed at $1.1314.

In European data, German GfK consumer confidence slipped to 10.4 for April, versus 10.8 expected.

Japan's yen , meanwhile, continued to ease against the U.S. dollar, with the buck buying Yen110.38, up 0.4%. The yen had rallied on Friday (http://www.marketwatch.com/story/dollar-boosted-as-economic-worries-undercut-euro-2019-03-22) as government bonds yields were falling.

 

(END) Dow Jones Newswires

March 26, 2019 08:02 ET (12:02 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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