Pound Gains On UK Opposition Block – 12 June, 2019

In an effort initiated by Britains main opposition party to deter away from a possible no-deal Brexit, the pound was up to a three week high on Wednesday with investors concerned a new Prime Minister could proceed with the divorce from the European Union without a solid agreement. Sterling was up 0.2% to $1.2740, just below the three week high of $1.2763 it reached last week. British wages rose in the three months to April, at a faster than expected pace. Against the euro, the pound was flat at 89 pence. Many traders believe the Bank of England will hold off on an interest rate change until a solid Brexit strategy has been established and a deal has been made before the scheduled departure on October 31st.