British pound spikes amid Brexit developments

Share This Article
January 14, 2019 12:07pm NYSE:FXB

British Pound

From Anneken Tappe: The British pound GBPUSD, +0.2882% rallied to a two-month high against the U.S. dollar on Monday following a report from ITV that Conservative members of the European Research Group will vote in favor of Prime Minister Theresa May’s Brexit deal on Tuesday.

The ERG had previously been critical of May and were instrumental in forcing an unsuccessful leadership challenge against her in December. Parliament will vote on May’s deal on Tuesday, following a day of deliberation and votes on amendments. The vote was initially meant to take place in December but was postponed as May was expected to lose. Passing her deal would ensure a so-called soft Brexit from the European Union in March. Sterling shot up to a high of $1.2931 on the back of the report, its highest since mid-November, but has since drawn back slightly. One pound last bought $1.2885, up from $1.2839 late Friday. The euro EURGBP, -0.1903% was down 0.3% against the pound, buying £0.8900.

The Invesco CurrencyShares British Pound Sterling Trust (FXB) was trading at $125.02 per share on Monday morning, up $0.44 (+0.35%). Year-to-date, FXB has declined -4.71%, versus a -3.03% rise in the benchmark S&P 500 index during the same period.

FXB currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #14 of 17 ETFs in the Currency ETFs category.

This article is brought to you courtesy of MarketWatch.

Read Next

Get Free Updates

Join over 50,000 investors who get the latest news from!

Most Popular

From Our Partners

Explore More from

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again! respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories