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British Pound slightly recovers before BoE announces new governor

The pound was up in early London trading today, holding just above $1.30, as investors waited for the Bank of England to announce its new governor.

A person familiar with the process said that the job has gone to a former Bank of England deputy governor, Andrew Bailey.

The pound rose 0.2% versus the dollar at $1.3026, having slipped below $1.30 in overnight trading. Versus the euro it was up around 0.2% at 85.39 pence.

Also, today, the British parliament will vote on UK Prime Minister Boris Johnson’s Brexit withdrawal agreement bill. Since Johnson’s government has a large majority, the bill is expected to pass easily.

The bill differs from the version presented to parliament in October in that a clause on workers’ rights has been removed and the bill now prohibits the extension of the transition period beyond 2020.

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