Pound rate drops after Brexit-fuelled highs

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The pound retreated on Thursday awaiting yet another Brexit vote after the UK currency struck multi-month highs versus the dollar and euro.

British MPs has ruled out a no-deal departure from the European Union.

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London’s benchmark FTSE 100 index climbed in late morning deals, boosted by the pound’s retreat helping to lift share prices of multinationals.

Attention now turns to Thursday’s vote by British MPs on whether to ask the European Union to approve a Brexit delay.

In Thursday trading, the pound fell back to $1.3232, while one euro was worth 85.45 pence.

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Market focus was also on China, with Shanghai’s stock market closing down 1.2 percent after figures indicated that the country’s factory output grew slower than forecast in the first two months of the year.

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Chinese retail sales and investment were broadly in line with expectations.

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Traders will be keeping a close eye on closing remarks at the annual National People’s Congress on Friday for an idea about leaders’ plans.

But by the end of the European trading day, Brent had run into profit-taking while US benchmark WTI held on to its gains.

 

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