Pound Reaches 2-Month High as Traders Pin Hopes on Supreme Court
- Currency touches highest level against dollar since Oct. 4
- Market expects government to lose Brexit case: Rabobank
Juckes: Brexit an 'Incredible Act of Diplomacy' for May
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The pound reached a two-month high as the U.K.’s top court heard a second day of arguments in a court case over who has the right to trigger Britain’s exit from the European Union.
Sterling rose for a sixth day versus the dollar, having posted its first monthly gain since April in November. The U.K. government has already lost a case in the High Court over whether parliament should be allowed a vote before starting Brexit. If the Supreme Court also rules against the government, lawmakers will get a say in the process. This has tempered market concerns of a so-called hard Brexit, where Britain would lose access to the single market, and helped support the pound.