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Sterling hits 5-1/2-month high on hopes for Brexit deal

Sterling GBP=D3 firmed to a 5-1/2 month high on Monday, ceding earlier losses after the Northern Irish Democratic Unionist Party said it would not support any amendments to the Brexit deal for a customs union with the European Union. The currency crossed the $1.300 threshold to as much as $1.3011 GBP=D3 while against the euro, it strengthened to 85.91 pence EURGBP=D3. Morten Lund, a strategist at Nordea Markets, said it raised the chances of Prime Minister Boris Johnson’s Brexit deal receiving the nod from parliament this week, if he is indeed able to put the deal to a vote. Johnson’s opponents are hoping to add an amendment that would bind the UK into a customs union.

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