The Pound Sterling saw its strongest single day’s gains within the last quarter after it was made clear that the UK Parliament would be required to ratify the deal to withdraw Britain from the European Union. Just last week, the Pound had hit a record trough on worries over an impending “hard” exit, which would mean tighter immigration controls at the expense of access to a single market. Previous to the current understanding, it was believed that the current government had full control over the Brexit process.
As reported at 10:36 am (BST) in London, the GBP/USD was trading at $1.2306, a gain of 0.07%; the pair had earlier hit a session high of $1.2329, while the daily trough was at $1.2254.
The EUR/GBP is currently higher at 0.8933 Pence, a gain of 0.06% for the Euro; the pair’s daily range is 0.8915 Pence at the low and 0.8955 Pence at the high end.
UK Labor Data Shows Improvement
Recent economic data has also helped to lift the Pound, with news that average earnings for the UK worker edged higher in the 3-month period to August by 2.3% against expectations of a rise to 2.1% while the previous figures were upwardly revised. The claimant count change in September was also unexpectedly upbeat at 0.7K against a consensus figure of 3.0K although the previous figure was adjusted significantly higher.