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The pound surged on currency markets tonight after MPs voted against a no-deal Brexit, making a delay more likely.
Sterling rocketed to almost €1.18, up nearly two per cent, following two Commons votes to rule out a cliff-edge exit in any circumstances - in another defeat for Theresa May.
US - Dollar - Pound - Peak - Hours
Against the U.S. dollar the pound reached a peak of $1.33, up from $1.31 just hours earlier and marking a nine-month high.
The currency surged as investors' fears of a chaotic no-deal exit diminished and the chance that Brexit could be cancelled altogether appeared to rise.
Commons - Votes - Mean - MPs - Extension
The Commons votes tonight mean that MPs will vote on an extension to Article 50 tomorrow, potentially delaying Brexit until May or later, and leaving the whole process in doubt.
But the votes are not binding and a no-deal Brexit on March 29 remains the default position until an extension is agreed.
EU - Leaders - Britain - Justification - Departure
EU leaders have warned that Britain will need a 'credible justification' to delay its departure from the union.
Mrs May told the Commons that a longer extension would require Britain to vote in European Parliament elections later this year - which she said was 'not the right outcome'.
Week - Currency - Markets - Pound - Monday
In a turbulent week on the currency markets the pound had surged on Monday night as the PM's last-ditch trip to Strasbourg offered hope that she could persuade MPs to back her deal.
But traders' optimism was short-lived as Attorney General Geoffrey Cox said on Tuesday that the changes to the backstop did not alter his legal advice, sending the currency into another slump....
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