Investing.com – The British Pound edged up on Wednesday in Asia even after U.K. Prime Minister Theresa May’s Brexit deal suffered another defeat in Parliament.
The defeat brought fresh uncertainties and dealt a further blow to the chances of an orderly Brexit.
The pair stabilised on Wednesday despite the news, after losing about 0.7% the previous day. The pair last traded at 1.3083 by 11:41 PM ET (03:41 GMT), up 0.1%.
Joseph Capurso, senior currency strategist at the Commonwealth Bank of Australia, wrote in a Wednesday morning note that if U.K. lawmakers voted to leave the European Union without a deal, the pound could fall as much as 4 to 8%.
Lawmakers are set to vote again this week to decide on a “no-deal” exit plan, or whether to extend the March 29 departure date.
“The Parliament is likely to reject a ‘no-deal Brexit’ plan, and the March 29 exit date subsequently being extended now looks to be a distinct possibility,” said Takuya Kanda, general manager at Gaitame.Com Research Institute, in a Reuters report.
Meanwhile, the pair extended losses after both the National Bank of Australia (NAB)’s and for February missed estimates.
The that tracks the greenback against a basket of other currencies edged up 0.1% to 96.968. The dollar traded lower on Tuesday as tame U.S. affirmed expectations the Federal Reserve will continue to hold off raising interest rates.
The pair was up 0.1% to 6.7094. The People’s Bank of China (PBOC) set the yuan reference rate at 6.7114 vs the previous day’s fix of 6.7128.
The pair slipped 0.1% to 111.27.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Dollar Edges Higher as 10Y Treasury Yield Rises Above Key Level - March 26, 2019
- Forex – Sterling Pushes Higher After MPs Grab Control of Brexit - March 26, 2019
- Forex – U.S. Dollar Rises as Inverted Yield Concerns Ease - March 26, 2019