Dollar steadies after a stumble and sterling rides out court’s Brexit ruling
The dollar steadies after a stumble on President Donald Trump’s protectionist talk, and after an initial dip the pound was riding out the UK court ruling on Brexit
London — The dollar steadied on Tuesday, recovering from a dip on fears that US President Donald Trump putting protectionism before fiscal stimulus suggested his administration might be content to gain a competitive advantage through a weaker currency. Trade-war talk came in the face of more data pointing to a revival in activity worldwide. A Japanese factories survey showed the fastest expansion in nearly three years, as French business activity hit a five-and-a-half-year peak. European stocks gained 0.3% as the upbeat data combined with a two-and-a-half-year high in commodity stocks and on a 1% jump in Italian stocks with a deal to merge two of its banks. They made additional ground as Britain’s top court ruled that the government must get parliamentary approval to start the Brexit process, but the assemblies of Scotland, Wales and Northern Ireland would not have to give assent. Sterling dipped briefly, but it was soon riding out the court ruling on parliament’s prerogative to pul...
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