LONDON MARKETS: British Pound Edges Higher As Supreme Court Hears Brexit Case
September 17 2019 - 10:02AM
Dow Jones News
By Steve Goldstein, MarketWatch
UK court case expected to take several days
The British pound was higher on Tuesday as the Supreme Court
heard a case over whether Prime Minister Boris Johnson's move to
suspend Parliament before the country was due to leave the European
Union was legal.
Lawyer David Pannick, who represents one of the campaigners
challenging the government, told 11 Supreme Court judges that
Johnson had improperly suspended the legislature "to silence
Parliament ... because he sees Parliament as an obstacle to the
furtherance of his political aims."
The pound tends to rise when traders assess the odds of Brexit
are falling, and fall when the odds of a departure rise. On Betfair
(https://www.betfair.com/exchange/plus/politics/market/1.156586178),
the market was pricing in just 22% chance of a no-deal Brexit this
year. The pound reached $1.2435 from $1.2430 on Monday.
The FTSE 100 meanwhile was little moved, as it rose 0.04% to
7324.48.
Cruise operator Carnival (CCL.LN) struggled as oil prices held
onto most of the record-setting gains after the Saudi Arabia
attack, while Royal Dutch Shell (RDSA.LN) rose for a second
day.
-- The Associated Press contributed to this article
(END) Dow Jones Newswires
September 17, 2019 09:47 ET (13:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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