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FX Update: Sterling rebounded two big figures

FX Update: Sterling rebounded two big figures against the dollar in logging a peak of 1.2325. The pair has since settled around 1.2270, but remains about 1.2% up on the day. The move was sparked by news, reported initially by Sky, that PM May has backed down and will allow parliament to scrutinise the government's Brexit plan before Article 50 of the Lisbon Treaty is triggered. This is apparently a concession by May to win support of Conservative MPs for a vote on whether to allow parliament to vote directly on the Article 50 plan, which the government does not want (and is subject to a legal challenge that is starting this week). For markets this development is a sign that the government could be forced to dilute its "hard Brexit" stance, although this will remain to be seen. Elsewhere, the dollar traded mixed. EUR-USD clocked a 10-week low of 1.1031 while USD-JPY settled in the mid 103s in a fourth day of consolidation after logging a six-week peak at 104.16 last Thursday. AUD-USD lifted by over 0.5%, reversing most of yesterday's decline.


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