Sterling recovers as May gets 'last chance' for orderly Brexit
LONDON - Sterling rallied on Friday, helped by a weaker euro and after European Union leaders gave UK Prime Minister Theresa May a two-week reprieve to decide how Britain will leave the European Union.
The biggest loser was the euro as investors grew increasingly concerned about the outlook for the global economy. May has already lost two attempts to secure parliamentary support and with the odds stacked against her for another vote next week, the risk of a no-deal Brexit has risen sharply. The pound was up 0.6 percent at $1.3188, while its gains versus the euro were as high as 1.5 percent to 85.49 pence. The gain was largely on the back of weakness in the single currency following disappointing data out of Germany.
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