Pound Regains Ground As Brexit Storm Rages
Sumaira FH Published November 17, 2018 | 10:36 AM
The pound rebounded against the dollar Friday, a day after a severe shellacking, as some investors were willing to bet on British Prime Minister Theresa May getting a controversial Brexit draft deal through parliament, dealers said.
New York, (UrduPoint / Pakistan Point News - 17th Nov, 2018 ) :The pound rebounded against the Dollar Friday, a day after a severe shellacking, as some investors were willing to bet on British Prime Minister Theresa May getting a controversial Brexit draft deal through parliament, dealers said.
Even as dark clouds continued to gather over the prime minister's political future, many felt she might just get enough support for what she called "the best deal for Britain," they said.
"The pound is holding on to its early Friday morning gains, on the back of UK PM May's radio interview in which she said her deal was the best Brexit compromise the UK could achieve," said Dean Popplewell, an analyst at Oanda.
In the late European afternoon the pound was up around 0.6 percent against the dollar, off earlier highs, but slightly down against the euro.
The British Currency slumped 1.7 percent against the dollar on Thursday, the biggest daily drop for more than two years.
But analysts warned that the outlook for the British currency's trajectory was uncertain.
- 'Short-lived' - "Stability in the pound... could be short-lived, with clamors for a vote of no confidence from Conservative Brexiteers meaning the political upheaval will continue as we end the week," said Joshua Mahony, market analyst at IG trading group.
Meanwhile in European stock markets, Brexit fears kept prices down, with banking shares particularly under pressure "over concerns of a disorderly UK exit from the European Union," said analysts at Charles Schwab.
Elsewhere, Wall Street eked out a split finish -- reversing some earlier losses following hopeful comments on trade from US President Donald Trump -- but still finishing the week sharply lower after a string of earlier losses.
Trump gave the major stock indices a bump in early afternoon, announcing that Beijing had made overtures toward resolving the US-China trade war so he might not need to impose yet more tariffs.
In New York, oil prices also ended lower for the sixth straight week but benchmark WTI crude was flat.
Exxon Mobil added one percent while fellow Dow member Chevron grew 1.8 percent.
"Oil and gas stocks are doing well, because oil prices are off their lows. We seem to have found a floor in that sector," Chris Low of FTN told AFP.
Asian stock markets earlier swung throughout Friday's session as investors weighed China-US trade speculation.
Trump said China offered a list of trade concessions as part of a move to smooth relations ahead of a G20 summit where he is expected to meet Chinese President Xi Jinping.
The Financial Times said the two sides were stepping up efforts and that US Trade Representative Robert Lighthizer had told business leaders the next round of tariffs would be put on hold. While Lighthizer's office denied that, observers said the news still provided some hope.
- Key figures around 2200 GMT - Pound/dollar: UP at $1.2826 from $1.2778 at 2200 GMT Euro/pound: UP at 88.99 pence from 88.64 pence Euro/dollar: UP at $1.1415 from $1.1325 London - FTSE 100: DOWN 0.3 percent at 7,013.88 points (close) Frankfurt - DAX 30: DOWN 0.1 percent at 11,341.00 (close) Paris - CAC 40: DOWN 0.2 percent at 5,025.20 (close) EURO STOXX 50: DOWN 0.3 percent at 3,180.74 (close) Tokyo - Nikkei 225: DOWN 0.6 percent at 21,680.34 (close) Hong Kong - Hang Seng: UP 0.3 percent at 26,183.53 (close) Shanghai - Composite: UP 0.4 percent at 2,679.11 (close)Oil - Brent Crude: UP 14 cents at $66.76 per barrelOil - West Texas Intermediate: FLAT at $56.46
Related Topics
Recent Stories
Finance Minister reiterates determination to make business environment more cond ..
SC all set to take up govt pleas challenging ruling against NAB amendments
Islamabad, Rawalpindi weather update: Rain breaks heat wave
PM calls for urgent steps to make exports more competitive
Interior Minister visits site of under construction Jail in Islamabad
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 10 May 2024
Today Gold Rate in Pakistan 10 May 2024
London, Frankfurt stocks hit record highs on rate-cut hopes
May 9 culprits must be brought to logical end: Hanif Abbasi
Sanchez escapes through dust and gravel for nervy Giro triumph
Balochistan Assembly passes resolution to condemn May 9 attacks
Spain govt vows to block hostile BBVA bid for rival bank
More Stories From Business
-
Short-term inflation eases by 1.39 percent
1 hour ago -
Gold rates increase by Rs.4,600 to Rs 243,800 per tola
2 hours ago -
Pakistan, GCCs FTA, likely to be finalized in near future: Commerce Minister
4 hours ago -
Foreign exchange rates on Friday
5 hours ago -
Exchange rates for currency notes
8 hours ago -
Foreign exchange rates on Friday
8 hours ago
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 10 May 2024
9 hours ago -
Today Gold Rate in Pakistan 10 May 2024
9 hours ago -
Tokyo stocks open higher after US gains
10 hours ago -
Spain govt vows to block hostile BBVA bid for rival bank
18 hours ago -
Tajir Dost Scheme aims at broadening tax-base: Federal Minister for Finance and Revenue, Muhammad Au ..
18 hours ago -
ICCI organize ceremony to express solidarity with Armed Forces of Pakistan
20 hours ago