Sterling climbed as much as 1.1 percent after gaining 1 percent on Monday amid optimism that progress is finally being made to resolve the Brexit standoff. European Commission President Jean-Claude Juncker urged the British parliament to approve the deal as he and U.K. Prime Minister Theresa May briefed reporters following a meeting in Strasbourg.
Juncker published clarifications to the Brexit deal in a letter posted to Twitter, warning “it is this deal, or #Brexit may not happen at all.” Even so, it remains unclear whether the new wording will be enough for the British Parliament to sign off on the plan when it votes Tuesday.Steve Baker, a pro-Brexit member of May’s Conservative Party, said the new agreement seems to fall “short” of the plan Parliament wanted to see. A panel of euro-skeptic politicians will examine May’s latest blueprint in detail, he said. May’s Attorney General Geoffrey Cox is expected to set out his formal legal opinion on the changes on Tuesday.
The pound pared some of its gains, with leveraged and macro funds selling, as the pair headed into the May-Juncker briefing. It was up 0.6 percent at $1.3223 as of 8:50 a.m. in Singapore.
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