January 9, 2019 / 10:41 AM / 4 months ago

Sterling to jump 4 percent if Parliament approves May's Brexit deal - JPAM

FILE PHOTO: British Pound Sterling banknotes are seen in a counter machine at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

LONDON (Reuters) - Sterling will rise at least 4 percent if the UK’s parliament approves Prime Minister Theresa May’s Brexit deal in a vote scheduled for next week, J.P. Morgan Asset Management said on Wednesday.

Karen Ward, the fund manager’s EMEA chief market strategist said the Bank of England could raise interest rates by 50 basis points by the year-end if a “no-deal” Brexit is avoided which would push sterling up five percent on a broad basis.

Sterling GBP=D3 traded up half a percent at $1.2729 on Wednesday.

Reporting by Sujata Rao; Writing by Tom Finn; Editing by Saikat Chatterjee

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