Pound rebounds as Johnson suffers big parliamentary defeat

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Markets see a Boris Johnson led no-deal Brexit as the worst-case scenario and thus treat anything that undermines that as pound positive.

The British pound hit multi-year lows against the dollar on Tuesday amid fears of a no-deal Brexit but rebounded as Prime Minister Boris Johnson lost a crucial parliamentary vote on his Brexit strategy.

But the British currency reversed course after the dramatic defection of a Conservative party member on Tuesday. While the pound's weakness makes imports into Britain more expensive, for example oil which is traded in dollars, it cheapens exports.

 

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