"A disorderly Brexit - for us a very unlikely scenario - would push cable towards the cycle lows of $1.18-$1.20," said Roberto Cobo Garcia at BBVA. Bloomberg
"A disorderly Brexit - for us a very unlikely scenario - would push cable towards the cycle lows of $1.18-$1.20," said Roberto Cobo Garcia at BBVA. Bloomberg
"A disorderly Brexit - for us a very unlikely scenario - would push cable towards the cycle lows of $1.18-$1.20," said Roberto Cobo Garcia at BBVA. Bloomberg
"A disorderly Brexit - for us a very unlikely scenario - would push cable towards the cycle lows of $1.18-$1.20," said Roberto Cobo Garcia at BBVA. Bloomberg

British pound trades flat after Brexit vote but volatility to linger


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The British pound traded flat on Wednesday, a day after the UK Parliament voted down the Brexit deal put forward by Prime Minister Theresa May.

Sterling is expected to remain volatile as the future of Brexit remains in limbo, analysts said. Pound was trading close to $1.286 on Wednesday morning London time.

“Our short-term pound sterling outlook is bearish, reflecting risks that political turmoil after Tuesday will increase volatility,” David Meier, an economist with Julius Baer, said in a note on Wednesday. “In the long term, we hold a bullish outlook, as a deal, a softer Brexit or a process leading to an aborted Brexit, would improve sentiment from where it currently stands.”

The pound has lost around 14 per cent of its value against the US dollar since the June 2016 vote to leave the European Union.

Mrs May is set to face a second no-confidence vote on Wednesday tabled by Labour leader Jeremy Corbyn. She survived one last year, but lingering uncertainty about her future and the UK's exit from the European Union by March 29 is roiling markets.

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"We do think it is unlikely that sterling will fall to fresh lows unless the current government falls, and that unlikely although the risk is not zero," Alvin Tan, an FX strategist at Societe Generale in London, told Bloomberg.

"Volatility is expected to remain high, but we do think that there is upside for sterling. Sterling is very cheap on the long-term basis, partly because of the probability of the no-deal Brexit."

The pound is expected to remain volatile for the time being until the outcome of Wednesday’s vote.

“Tuesday night’s vote may have increased the chances of a second referendum but it also increased the chances of a no-deal Brexit,” Sue Trinh, head of Asia foreign-exchange strategy at Royal Bank of Canada in Hong Kong, told Reuters. “Both tails are now a bit fatter and GBP volatility has risen accordingly.”

Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
UAE currency: the story behind the money in your pockets
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid