Pound bounces back as MPs prepare to scrutinise Brexit
The pound fought back after a torrid week, amid relief over Prime Minister Theresa May’s plans to allow a Commons vote on her Brexit strategy.
Sterling bounced back against most major currencies, up a cent to $1.22 and a cent higher at €1.11, having been hammered in recent sessions on Brexit fears and suffering a dramatic hit in last Friday’s flash crash.
The relief rally comes as the UK government looks set to back a Labour call for parliament to be able to “properly scrutinise” May’s Brexit plans before the formal EU exit process begins.
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