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Sterling Rallies as UK Lawmakers Vote to Reject No-Deal Brexit

3/14/2019, 11:19:28 AMBasics of Trading
Sterling Rallies as UK Lawmakers Vote to Reject No-Deal Brexit

 Sterling rallied Wednesday as U.K. lawmakers voted to reject leaving the EU without a withdrawal agreement.

U.K. lawmakers have voted by 312 to 308 for an amendment that ruled out the U.K. leaving the EU without a withdrawal agreement under any circumstances. The vote on the amendment is not legally binding, but lawmakers are now expected on Thursday to vote for a delay to Brexit on March 29.

GBP/USD rose 1.39% to $1.3256, while EUR/USD rose 0.43% to $1.1334.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.22% to 96.69.

The Labor Department said its producer price index for final demand increased 0.1% last month, but missed economists' forecasts for a 0.2% increase. In the 12 months through February, the PPI slowed to a 1.9% increase, in line with expectations.

The Commerce Department said on Wednesday core durable goods orders fell 0.1% in January, confounding economists' forecast for a 0.1% rise. But non-defense capital goods orders excluding aircraft - a proxy for business investment - rose 0.8% for the month, handily beating expectations for a 0.2% rise.

USD/JPY fell 0.26% to Y111.07, but losses were in the pair were limited by falling demand for safe-haven yen as Wall Street rallied.

USD/CAD slipped 0.34% to $1.3306 as the loonie was boosted by surging oil prices on the back of data showing U.S. crude stockpiles unexpectedly fell last week.