Sterling bounces after slump led by Brexit vote delay
Sterling bounced off a 20-month low on Tuesday following a move by British Prime Minister Theresa May to delay a vote on her Brexit deal, with dollar weakness encouraging some traders to buy the pound.
May pulled a parliamentary vote on her Brexit deal with the European Union on concerns her draft agreement would be rejected by Parliament.
That sent the pound tumbling towards 1.25 dollars, its lowest level since April 2017 before it recouped some losses in early London trading.
The pound was trading at 1.2621 dollars, up half a per cent on the day after plunging 1.5 per cent on Monday.
But in a sign that traders were waiting for some clarity on Brexit developments, euro and sterling were broadly flat at 90.22 pence. (Reuters/NAN)