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The British pound jumped to a fresh 5-month high on news that a Brexit deal had been reached between U.K. and European Commission negotiators, but petered out nearly as quickly after the Northern Irish Democratic Unionist Party said it would not vote for the deal.
The big picture: Sterling fell below $1.28 before steadying again, closing closer to its highs on the day than its lows as investors retained some optimism.
- "We think that the gains in sterling are sustainable, because even though Prime Minister Boris Johnson faces an uphill battle to collect all of the votes needed from lawmakers to seal the deal, members of Parliament won't want to risk another 3 years of policy gridlock or worse — an unruly no-deal Brexit," Kathy Lien, managing director of FX strategy at BK Asset Management, said.
- "This is the closest we've been to an orderly exit in years and probably the best deal they'll get from the EU."