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Pound climbs despite Brexit uncertainty

The pound bounced back from two-week trough on Wednesday, underpinned by comments from the Labour’s representative that a second Brexit referendum is possible in order to avoid a disorderly departure from the bloc.

Photo: Reuters

The pound added 0.3 percent to $1.2782, having earlier touched a session peak of $1.2795. Versus the euro, it gained 0.4 percent to 88.26 pence.

The fears of a no-deal Brexit pushed sterling to a two-week weak point on Tuesday but the currency surged as sentiment improved following John McDonnell comments.

Investors are also digesting the government’s economic-impact report while a Bank of England analysis on disruptive Brexit will be published later in the day.

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