Sterling shoots above $1.30 on Brexit hopes in jittery session Feb 19 2019 [Reuters]
The Bank of New York Mellon Corporation (BK)
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Source: Reuters
Sterling shoots above $1.30 on Brexit hopes in jittery session | Reuters 4 Min Read LONDON (Reuters) - Sterling shot past $1.30 on Tuesday on hopes that Prime Minister Theresa May will make progress in seeking changes to her Brexit deal with the European Union, although some traders struggled to explain the size of the move. After edging higher for much of the day, the pound then jumped in late European trading - rising almost one percent versus the dollar by 1615 GMT to hit its strongest since Feb. 5, at $1.3050. The pound was headed for its biggest one-day gain since January. Against the euro, the British currency added 0.7 percent to 86.93 pence per euro. “I’m fairly certain it’s not news-related and it’s due to technical factors,” said Neil Mellor, currencies analyst at BNY Mellon, referring to some large buy orders reportedly in the market and triggered when sterling hit $1.30. Some strategists pointed to media reports that May was dropping the so-called ‘Malthouse compromise’, a
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