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Sterling rallies as UK lawmakers take steps to block no-deal Brexit

(Reuters) Sterling jumped on Wednesday, posting its best day against the dollar in over five months, as investors grew more optimistic after British lawmakers took steps in an attempt to block a no-deal Brexit.

Lawmakers who defeated Prime Minister Boris Johnson’s government late on Tuesday are hoping to pass a bill that seeks to stop Britain from leaving the European Union on Oct. 31 without transitional arrangements.

Johnson’s demand for an Oct. 15 snap election was also defeated.

“This certainly puts no-deal in its place: UK not doing it,” said Juan Perez, senior currency trader at Tempus Inc in Washington. “Sterling should see tremendous recovery.”

The moves put sterling further off the three-year low of $1.1959 hit on Tuesday.

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