Pound Soars As Court Demands Parliament Vote On Brexit
Rukhshan Mir (@rukhshanmir) Published November 03, 2016 | 04:30 PM
LONDON, Nov 3, (APP - UrduPoint / Pakistan Point News - 03rd Nov, 2016 ) - The pound soared against the Dollar and euro Thursday after the High Court in London ruled that parliament must approve the start of Britain's withdrawal from the European Union.
Sterling -- which has tumbled to multi-year low points against its main rivals since Britain voted June 23 for Brexit -- surged above $1.24. However the pound's big jump weighed on London's benchmark FTSE 100 index, which has won strong support since the referendum outcome as the weak Currency benefitted exporters.
The court ruling has "made triggering Brexit a lot trickier and has given sterling a massive shot in the arm", said Neil Wilson, markets analyst at ETX Capital. "The news sent the pound roaring through $1.24 before gains were pared as markets digest the news -- the fact is no one really knows what the implications of this decision are yet.
" Downing Street said it was "disappointed" at the decision and would appeal, with the case now likely to the Supreme Court before the end of the year.
In a busy day for the UK, the Bank of England publishes its latest growth and inflation forecasts on the British economy at 1200 GMT, alongside an expected decision to leave its main interest rate at a record-low 0.25 percent.
Ahead of the decision, a closely-watched survey Thursday showed output in Britain's key services sector rose last month despite costs rising at the fastest rate in more than five years. The Markit/CIPS services purchasing managers' index (PMI) hit 54.5 in October, up from 52.6 in September and above analyst expectations of 52.5. A reading above 50 indicates growth.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
More Stories From World
-
'Revolution' in air as actor stumps for Hungary opposition
20 minutes ago -
Madonna wows Rio with 'Celebration Tour' finale
30 minutes ago -
Investigators say bodies in Mexico likely those of missing surfers
1 hour ago -
Hope and disillusionment among Chad's first-time voters
1 hour ago -
Panama to vote in presidential election with eight contenders
2 hours ago -
Edwards hits 43 to spark T-Wolves over Denver in NBA playoffs
2 hours ago
-
Five assists and goal for Messi, hat-trick for Suarez as Miami hit six
2 hours ago -
'Radicalised' 16-year-old shot dead by police in Australia
2 hours ago -
Undisputed champion 'Canelo' Alvarez hands Munguia first defeat
2 hours ago -
Floods in southern Brazil kill 57, force 70,000 from homes
2 hours ago -
Lyles, Jacobs help USA, Italy qualify for Paris Olympic relays
2 hours ago -
Student protests against Israel's offensive in Gaza spread
2 hours ago