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The British currency rose half a percent and neared $1.30 after data showed British workers’ pay grew at the fastest pace in over 10 years.
The figures encouraged traders, who believe that a disorderly no-deal Brexit can be avoided, to buy the pound.
But with little time left until Britain leaves the EU on March 29, there is no agreement in London on how it should exit the world’s biggest trading bloc. The chance of a “no-deal” exit with no provision to soften the economic shock persists.
British Prime Minister Theresa May sought to break a parliamentary deadlock over Brexit by proposing to seek further concessions from the European Union.
Britain’s opposition Labour Party is highly likely to back an amendment by lawmaker Yvette Cooper that could prevent a no-deal Brexit, the second most powerful man in the party said.
If the government fails to get a deal through by February 26th, parliament would be given a vote on asking the EU for a postponement of the Article 50 deadline to prevent Britain leaving without a deal on March 29. The proposal is for a nine-month extension, to Dec. 31.
This has been seen as positive by the markets and Sterling has continued to strengthen as a ‘no deal’ Brexit seems even more unlikely.
GBP/EUR 1.1425
GBP/USD 1.2981
GBP/AED 4.7611
GBP/AUD 1.8177
GBP/CHF 1.2952
GBP/CAD 1.7287
GBP/NZD 1.9131
EUR/USD 1.1351
GBP/ZAR 17.904