The pound edged higher for a second consecutive day on Tuesday as British Prime Minister Theresa May travels to Berlin and Paris to argue for a Brexit delay though gains were tiny before an emergency European Union summit on Wednesday.
Sterling rose 0.1 per cent to 1.3074 dollar in quiet trading and is still more than 2 per cent below a nine-month high of nearly 1.34 dollar hit last month. Against the euro, the pound was broadly steady at 86.23 pence.
“The pound has seen support from reports of May considering allowing a second referendum, but progress may be needed on the cross-party talks for the pound to break higher,” Morgan Stanley strategists said in a note.
While May travels to Berlin and Paris ahead of Wednesday’s summit in Brussels, British lawmakers will hold a 90-minute debate on her proposal to delay Britain’s EU departure date to June 30 from April 12.
The debate has been forced on the government by parliament passing a law on Monday which will give lawmakers the power to scrutinise and even make legally binding changes to May’s request to extend the Article 50 negotiating period again.
Currency derivative markets painted a cautious outlook with implied volatility gauges for the pound remaining elevated compared to other currencies such as the euro and the yen.
Lagos NUJ Mourns Late Channels TV Reporter
The Nigeria Union of Journalists, Lagos State Council, on Tuesday commiserated with Channels Television management over the unfortunate death of...
Court Remands 4 For Defiling 16-year-old Girl In Lagos
An Ikeja Magistrates’s Court on Tuesday remanded four men -Nurudeen Suraju, Sodiq Babatunde and two teenagers – charged with gang-defiling...
Shi’ite Protest: Buhari Mourns Channels TV Reporter, DCP Umar
President Muhammadu Buhari has commiserated with the family of Precious Owolabi, an NYSC member with Channels Television, who died during...
NGO Decries Blood Tonic Abuse Among Youths
Vanguard against Drug Abuse (VGADA), a Non-Governmental Organisation (NGO), has expressed worry over the abuse of a popular blood tonic...
WaterAid Plans Construction Of Water Boreholes In Enugu, Says Official
Mr Christopher Ogbu, the Coordinator, Small Town Water and Sanitation Unit, has said the organisation had planned to construct water...
NCAA, FAAN, Others, Partner To Improve Airports Security
The Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria (FAAN) are to increase collaboration with all...
Jeremy Hunt Congratulates New UK’s PM, Boris Johnson
Foreign Secretary Jeremy Hunt has congratulated rival Boris Johnson on winning a leadership run off to succeed Prime Minister Theresa...
Others20 hours ago
Kogi Gov’ship: Melaye Appoints Campaign D-G
SPORTS21 hours ago
Why I Visited Cosgrove – Ahmed Musa
NEWS21 hours ago
Unrealistic Demands Delay Implementation Of New Minimum Wage- HoS
POLITICS10 hours ago
Between Akpabio’s Loss And Shocking Revelations At Tribunal
NEWS21 hours ago
PMB Summons IGP Over Shittes Protest
OPINION9 hours ago
Mr President, Nigerian Workers Deserve More Than Living Wage
NEWS19 hours ago
Police Takeover Investigation Of Rape Allegation Against Fatoyinbo
NEWS24 hours ago
JUST-IN: Many Injured As Police Clash With Shiites In Abuja