Pound rebounds on Brexit hopes

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Sterling rebounded n Monday and headed towards a five-week high on growing optimism that Britain would not crash out of the European Union (EU) without a deal, boosted demand for the British currency.

Against the dollar, the pound gained 0.25 per cent to $1.2321 after weakening 0.2 per cent to $1.2233 earlier.

It hit a one-month of $1.2353 last week.

Versus the euro, it also gained 0.25 per cent to 89.48 pence.

It would be recalled the the British Prime Minister last week, failed to win enough support from lawmakers to call an early election and parliament also approved a bill, which aims to block a no-deal Brexit at the end of October.

Peace PIAK