"Many Photos" - Pound rises against the Euro as Theresa May removes immediate threat of No Deal Brexit

The pound has been pushed from pillar to post over the past 24 hours and there was another major change after today's marathon Cabinet meeting. 

Sterling began to rise against both the dollar and the euro after Theresa May announced a further delay to Brexit and insisted that a No Deal was off the table.

Earlier this morning, the pound had plunged to €1.162 before rising up to €1.1715 .

Against the dollar, it was down at $1.3026 before rising back up $1.3119 after the Prime Minister also called for cross-party talks with Jeremy Corbyn to stave off a No Deal threat. 

Earlier this morning, the pound dropped to €1.162 before rising up to €1.175 after Theresa May announced a No Deal Brexit was off the table

Against the dollar, it was down at $1.3026 this morning before rising back up $1.3119 in the evening

The pound started the day at €1.1602 and $1.3023 before a sharp rise throughout Tuesday. 

The results of last night's Commons votes had left the door open to a chaotic No Deal Brexit in less than two weeks, before the Prime Minister's statement today. 

Yesterday the pound had risen as investors hoped the Government might back a soft Brexit, maintaining close ties to Brussels. 

Some ministers including Justice Secretary David Gauke had hinted at a pivot towards a customs union if there was enough support in Parliament.  

But defeats for both the customs union and Norway-style deal proposals has left the future of Brexit more uncertain than ever. 

MPs also rejected proposals for a second referendum which some campaigners believe would break the deadlock in Parliament. 

The pound has endured a tumultuous morning and has been rising and falling against the US dollar throughout the day amid more uncertainty over Brexit

Sterling has also yo-yod against the Euro following last night's deadlock in the Commons over the future of the UK's relationship with the EU

Speaker of the House of Commons John Bercow announces the results on Monday night. The votes have dealt a blow to Remainer hopes of forcing a soft Brexit 

Despite MPs rejecting Mrs May's deal for a third time on Friday, Downing Street has made clear that she intends to to bring it back to the Commons for a fourth vote. 

The PM has promised to step down before the next stage of negotiations but her announcement has yet to persuade enough Tory MPs to back her deal. 

A letter to the Prime Minister signed by 170 Tory MPs last week demanded Britain leave by May 22 at the latest 'with or without a deal'. 

Nonetheless officials have been given the green light to begin preparations for European elections in May as a 'contingency' measure. 

The May 23 poll will take place almost three years after the UK voted to leave the European Union. 

Senior ministers will meet in Cabinet for five hours on Tuesday to discuss the way ahead, amid speculation about possible resignations or a general election.  

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News Photo Pound rises against the Euro as Theresa May removes immediate threat of No Deal Brexit
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