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Pound higher as investors expect MPs to vote down no-deal Brexit

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The pound, which has lurched upwards and downwards in volatile trading this week, has found some support despite Prime Minister Theresa May badly losing a vote on her Brexit withdrawal agreement late on Tuesday.

Britain’s parliament will vote again on Wednesday on whether the United Kingdom should leave the European Union on March 29 without a deal, which most economists say would cause significant harm to the economy.

May has given lawmakers in her party a free vote and investors expect parliament will vote against a no-deal Brexit.

The pound rose 0.4 per cent to the day’s high of 1.3120 dollars at the London open – putting the currency about half way between this week’s lows of 1.2945 dollars and its high of 1.3290 dollars.

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