Pound Rallies as Theresa May Meets Jeremy Corbyn

The Great Britain pound gained on most other major currencies today as British Prime Minister Theresa May was meeting with opposition Labour leader Jeremy Corbyn.
Market participants were hoping that the meeting between May and Corbyn will end the Brexit deadlock. If compromise is reached, it may mean softer Brexit, perhaps involving a customs union between the United Kingdom and the European Union. Additionally, it is expected that the Prime Minister will seek a further delay of the Brexit deadline to give her time to convince the Parliament to accept her Brexit plans.
As for macroeconomic data, the seasonally adjusted IHS Markit/CIPS UK Services PMI Business Activity Index fell to 49.8 in March from 51.3 in February, below the neutral “no change” 50.0 level and missing the average forecast of 51.0. The Shop Price Index reported by British Retail Consortium rose 0.9% in March, year-on-year, reaching the highest level in six years.
GBP/USD rose from 1.3133 to 1.3171 as of 11:01 GMT today. GBP/JPY advanced from 146.17 to 146.83. GBP/CHF gained from 1.3107 to 1.3129, though retreated from the daily high of 1.3173.

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