The British currency has risen marginally against the euro to 1.1419 after opening at 1.14, before falling back close to thay initial price at 9am, according to Bloomberg. Pound Sterling had also made slight gains on the US dollar, increasing from its opening price by 13 cents to 1.2876 before falling to 1.2843 at 9am. The pound had plummeted against both currencies yesterday after it was revealed the UK economy grew at its slowest rate last year since 2012.
The British currency suffered a bigger deficit against the US dollar, sliding 0.33 percent to 1.2920 after opening at 1.2946.
The pound continues to remain volatile against both currencies as Brexit uncertainties continue to dominate the markets.
Mrs May will provide Parliament with an update on the Brexit process later today as she fights to win more concessions for her deal from the European Union – primarily around the Irish backstop.
A Brexit debate will take place in the Commons on Thursday, with Mrs May hoping to bring back a more favourable deal to MPs by February 27.
Britain is on course to tumble out of the EU on March 29 without a deal unless the Prime Minister can can convince the bloc to reopen the divorce deal she agreed in November before selling it to sceptical MPs.
According to remarks supplied by her Downing Street office, Theresa May will tell Parliament: “The talks are at a crucial stage.
“We now all need to hold our nerve to get the changes this House has required and deliver Brexit on time.”
The EU has so far refused to reopen the Brexit divorce deal, despite Mrs May insisting she can get legally binding changes to replace the current proposal for the Irish border.
The Prime Minister will say: “By getting the changes we need to the backstop; by protecting and enhancing workers’ rights and environmental protections; and by enhancing the role of Parliament in the next phase of negotiations I believe we can reach a deal that this House can support.”
On Monday, EU chief Brexit negotiator Michel Barnier said the bloc would agree to tweak the political declaration on EU-UK ties after Brexit that forms part of the package to reflect a plan for a closer future relationship that would eliminate the need for a continuous backstop.
Mr Barnier said: “It’s clear from our side that we are not going to reopen the withdrawal agreement but we will continue our discussion in the coming days.”
Published at Tue, 12 Feb 2019 08:23:00 +0000