September 3, 2019 / 3:17 PM / 3 months ago

Sterling rebounds after Johnson loses majority

LONDON (Reuters) - Sterling rebounded on Tuesday to hit $1.2103 after British Prime Minister Boris Johnson lost his working majority in parliament when one of his Conservative lawmakers defected to the pro-European Union Liberal Democrats.

“In the immediate near-term, it makes a no-deal Brexit slightly less likely,” said Fritz Louw, currency analyst at MUFG.

He added that the bounce was likely to be short-lived.

Sterling also rallied against the euro and was last trading at 90.70 pence EURGBP=D3, up 0.4% on the day.

Reporting by Tommy Wilkes; Editing by Dhara Ranasinghe

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