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The euro and the pound sterling appreciated on Wednesday after British Prime Minister, Theresa May, secured her government's support for the draft Brexit agreement, although she did not agree on this. He has not yet convinced Parliament to approve it.
"The cabinet's collective decision was that the government would agree on the draft agreement on retirement," May said after a five-hour cabinet meeting. Now, we do not know if he will have enough votes to get Parliament's approval.
"The real challenge is Parliament," said Marc Chandler, chief markets strategist at Bannockburn Global Forex LLC in New York. "Hard work is really coming," he added.
Hopes that UK lawmakers can approve the draft agreement to allow the UK to leave the European Union to strengthen the pound and support the euro, under pressure due to uncertainties about the EU's response the new budget proposed by Italy.
The latter has again submitted to the European Commission a budget proposal for 2019 with the same assumptions of growth and deficit, but with less debt, showed the new project.
In recent transactions, the euro rose 0.34% to 1.1325 US dollar, offsetting the initial losses related in part to weak regional growth data. The euro area grew by 0.2% in the third quarter, confirming the preliminary results.
Against the pound sterling, the euro lost 0.07% to 86.99 pence. The pound gained 0.39% to $ 1,302.
A stronger euro and a pound pushed the dollar against the 16-month high.
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