Sterling rises against dollar after Brexit triggered
After the Brexit was formally triggered sterling recovered from an eight-day low earlier Wednesday.
By
GAŠPER ZAVRŠNIK
3/29/17, 4:19 PM CET
Updated 3/29/17, 4:30 PM CET
The pound experienced highs and lows on Wednesday, soaring against the dollar after the U.K. triggered Article 50.
After it was confirmed that the Article 50 letter had been sent to European Council President Donald Tusk, sterling jumped from $1.2448 to $1.2478, having earlier been at an eight-day low of $1.2377, Reuters
reported.
The pound also rose against the euro, to 86.60 pence, having earlier hit a 12-day low of 87.35 pence.
“I think this is largely attributed to reducing one element of uncertainty in the process of actually triggering Article 50 but also the conciliatory tone in Prime Minister May’s statement…focusing on the partnership with the EU and achieving a mutually beneficial relationship,” said Alexandra Russell-Oliver, a currency analyst at Caxton FX.
Sterling rises against dollar after Brexit triggered