Brexit Today: Pound Sterling To US Dollar, Euro Exchange Rates Lifted As PM Johnson Faces String Of Defeats
September 05, 2019 @ 13:54 UTC
Pound (GBP) to Euro (EUR), Dollar (USD) exchange rates were trading close to fresh highs posted on Wednesday as Thursday’s European session got underway with Sterling riding a wave of positive sentiment as opponents to no-deal Brexit trounced the government in a series of House of Commons votes, curtailing the chances of a no-deal Brexit on November 1st.
At the time of writing, the Pound-to-Dollar exchange rate was last seen at $1.22777, up 0.21% on the day and trading at a one-week high. The Pound-to-Euro exchange rate was last seen trading at €1.1257, up 0.17% and trading at a five-week best.
Another day of frenzied politicking saw Prime Minister Boris Johnson suffer a series of defeats in the House of Commons, potentially derailing his Brexit plans and opening the door to yet another Brexit delay and also the possibility of early elections. Sterling climbed as much as 1.5% against the Greenback after lawmakers voted to force the government to delay Brexit for a further three months – thus avoiding a no-deal outcome on November 1st. The defeats kept coming for the PM who immediately called for a snap election and was soundly defeated.
With the House of Lord approving the Benn bill, it will go back to lawmakers on Monday where if approved in a final vote should then be given Royal assent and passed into law, thus compelling arch-Brxiteer Johnson to renege on his election pledge to leave the EU by the end-of-October Article 50 deadline, “do or die, come what may” and ask the EU for yet another extension of the deadline.