Both the pound and the euro gained yesterday after UK PM Theresa May managed to secure Cabinet backing for her draft Brexit deal. However, the gains were limited as investors remained concerned over whether the deal could pass through Parliament. Aussie was the main gainer among the G10s due to Australia’s encouraging employment report, while SEK underperformed the most as Sweden’s inflation data missed estimates.
GBP and EUR Gain as May Secures Cabinet Backing, But Uncertainties Remain
The pound traded mixed against the other G10 currencies yesterday. It gained against SEK, USD and NOK in that order, while it underperformed versus AUD, JPY, EUR and NZD. Sterling traded virtually unchanged against CAD and CHF.
The British currency traded in a roller-coaster manner yesterday, driven once again by developments surrounding the Brexit landscape. While the Cabinet meeting over the Brexit draft was underway, headlines suggested that UK PM Theresa May will not deliver a...
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