Tag Archives: pound

Lightning kills woman, 2 dogs as thunderstorms pound Southern California


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Thunderstorms pound the Plains as another severe weather threat begins


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US Special Operations dropped a 2,000 pound bomb on Syria’s largest dam in 2017 despite the fact it was on a ‘no-strike’ list: NYT


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Rains pound Southern California amid major storm


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Pound Needs More Than Election Date to Sustain October’s Rally

Pound Needs More Than Election Date to Sustain October’s Rally(Bloomberg) — Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Pound traders are unlikely to find that the promise of a December U.K. election provides an escape from the Brexit maze.The currency was little changed after Prime Minister Boris Johnson won backing in Parliament for a Dec. 12 general election. An election is unlikely to send the pound plunging with the Conservatives ahead in the polls, strategists say. Yet there is enough uncertainty around the result and the Brexit outcome that it also won’t prompt a huge rally.“The most severe of the longer-term structural risks facing the U.K. — a no-deal crash out — have all but evaporated,” said Ned Rumpeltin, European head of currency strategy at Toronto-Dominion Bank. “There is a lot of good news in the price, and the balance of headlines may not be as constructive once we head into an election cycle.”The pound is headed for its best month against the dollar since January 2018, with the risk of a no-deal Brexit reduced after lawmakers voted to force Johnson to seek an extension to the deadline. The election now looks set to become a proxy vote on European Union membership.The pound was steady at $ 1.2863 on Tuesday after Parliament voted, and climbed 0.1% to 86.37 pence per euro. The yield on U.K. 10-year government bonds dipped to 0.71%.Wary InvestorsEven as polls suggest a Tory-led government is the most likely outcome, the market will be mindful of risks around Jeremy Corbyn. Investors have long been wary of a government led by the left-wing Labour leader, who is seen nationalizing parts of the economy, boosting borrowing and redistributing income.There is also the question of how the two main parties position themselves on Brexit. If Labour opts to campaign on a platform of no Brexit or an arrangement where Britain maintains close ties with the EU, while the Conservatives go for a departure at any cost, volatility will likely pick up into the vote, according to Thu Lan Nguyen, a currency strategist at Commerzbank AG.“I wouldn’t expect a large market reaction in pound spot rates,” said Nguyen. “Rather, I think we will see a repricing on options markets, factoring in an increased political risk around the date of the elections.”Option pricing has been subdued in recent days, with implied volatility in the pound staying low in the shorter and longer term. This suggests traders foresee smaller jumps in the currency, reflecting optimism about the fading risk of no-deal, contained by pessimism caused by simmering political uncertainty.Persistent question marks over Brexit itself could also keep a lid on the pound. Traders may also shift their attention to the risk of the second phase of Brexit negotiations when Britain will have to decide its future relationship with the EU.“The capacity for sterling to enjoy a major relief rally that ‘it’s over’ may be more constrained than others may think because, let’s face it, it’s not over,” said Toronto-Dominion’s Rumpeltin. “Not by a long shot.”(Updates with Tuesday’s Parliament vote.)\–With assistance from Katherine Greifeld.To contact the reporters on this story: Charlotte Ryan in London at cryan147@bloomberg.net;Anooja Debnath in London at adebnath@bloomberg.netTo contact the editors responsible for this story: Paul Dobson at pdobson2@bloomberg.net, William Shaw, Michael HunterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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The Latest: Dorian to pound parts of Bahamas for hours

The Latest: Dorian to pound parts of Bahamas for hoursForecasters say Hurricane Dorian is continuing to hammer parts of the Bahamas and is now approaching the eastern end of Grand Bahama in that archipelago. The U.S. National Hurricane Center says Dorian remains a life-threatening Category 5 storm with 185 mph (295 kph) winds. Gusts are even higher, and at 7 p.m. EDT Sunday, Dorian's well-defined eye was located about 70 miles (110 kilometers) east of Freeport, Grand Bahama Island.



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Pound Slides as Parliament Fails to End Brexit Impasse Once More

Pound Slides as Parliament Fails to End Brexit Impasse Once MoreThe failure of May’s last-ditch effort to get her deal through Parliament leaves the U.K. with the choice between crashing out of the European Union without a deal in two weeks and seeking a long extension of its departure date. The British parliament will vote Monday on various alternatives to May’s agreement. Implied volatility on two-week pound-dollar options, which cover the current April 12 deadline for the U.K.’s exit, have surged to the highest level since the immediate aftermath of the 2016 Brexit referendum amid increased anxiety about a no-deal outcome.



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Pound stabilises but struggles to rally after Brexit delay deal

Pound stabilises but struggles to rally after Brexit delay dealThe pound edged up Friday but was struggling to claw back its latest losses after the EU gave Britain a Brexit deadline extension, while equity markets mostly rose on a positive lead from Wall Street. Equity dealers were treading warily as they weighed an indication from the Federal Reserve that borrowing costs will not rise this year with concerns about the slowing economy and stuttering China-US trade talks.



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Pound Soars as U.K. Parliament Rejects No-Deal Brexit From EU

Pound Soars as U.K. Parliament Rejects No-Deal Brexit From EUThe result means Parliament will vote Thursday to decide whether to postpone the U.K.’s exit from the EU in just over two weeks. The development came after Parliament a day earlier rejected a revised version of the withdrawal agreement that Prime Minister Theresa May has spent the past two years negotiating with the EU. May is planning to ask the EU for an extension to the March 29 Brexit deadline lasting about two months, according to people familiar with the matter.



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Brexit deal legal advice sends pound tumbling

Brexit deal legal advice sends pound tumblingThe pound tumbled Tuesday after the UK government’s top legal advisor cast doubt on Prime Minister Theresa May’s last-gasp changes to her Brexit deal, hours before a vital vote. Sterling, which had been rising after May secured revisions to the Brexit withdrawal agreement, hit reverse after legal advice from Attorney General Geoffrey Cox. Cox said last-minute new agreements “reduce the risk” of Britain being “indefinitely and involuntarily” held in the so-called Irish border backstop.



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