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Sterling gains as MPs vote against no-deal Brexit

Having rejected May's deal, the UK Parliament will now focus on delaying Brexit.

Centtrip: Sterling moves higher as no deal off the table

Members of Parliament yesterday, 13 March voted 321 to 278 against crushing out of the European Union without a deal. With a no-deal Brexit now off the table, UK Prime Minister Theresa May will let MPs vote on delaying the Brexit deadline tonight.

May outlined the vote for a “short, sharp” three-month delay, dependent on MPs voting for a deal on or before 20 March, ahead of an EU summit on 21 March.

The Pound recovered from earlier losses as it became clear that the UK Parliament is likely to have more time to come up with a softer Brexit outcome. Sterling rose above 1.3310 against the Dollar and above 1.1750 against the Euro.

This afternoon, MPs will debate an extension, with expectations further wording could be added to the withdrawal agreement that might sway Eurosceptic Tory MPs and the Democratic Unionist Party (DUP).

Today is light on data, with no top-tier data to focus on. However, market participants will keep a keen eye on Brexit proceedings for direction.

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Parliament rejects May’s deal, MPs to vote on no-deal Brexit


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