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British pound surges in Asia in wake of Brexit vote

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Sterling jumped in wild Asian trading on Thursday as markets priced in less risk of a disorderly exit from the European Union after Parliament rejected leaving without a deal.

[SYDNEY] Sterling jumped in wild Asian trading on Thursday as markets priced in less risk of a disorderly exit from the European Union after Parliament rejected leaving without a deal.

The pound traded as high as US$1.3380, levels last seen in June 2018 and up from a low of US$1.3064 on Wednesday. The euro was quoted at around 84.725 pence, its lowest since mid-2017.

While the political situation was extremely fluid, dealers said investors were assuming the votes made a "no deal" Brexit less likely and that was cause for relief.

British lawmakers on Wednesday rejected leaving the European Union without a deal in any scenario, paving the way for a vote to delay Brexit to seek a way out of the country's worst political crisis in generations.

REUTERS

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