GBP/USD - 1.2322.. Sterling took centre stage in Asia trading and staged a spectacular rally from 1.2107 in early Australian morning to as high as 1.2326. Traders attributed to cable's stellar performance on early sterling-supportive report on Bloomberg.
BLP reported PM Theresa May has accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union, but asked lawmakers to do it in a way that gives her space to negotiate.
The decision seemed to calm investors after they dumped the pound on concern May was taking a gung-ho approach to the negotiations. The currency took a beating after May signaled her intention to put immigration curbs before the City of London's interests in pulling Britain out of the European Union.
Parliament will debate on Wednesday a motion from the opposition Labour Party calling for a "full and transparent debate on the government's plan for leaving the EU" and for Parliament to be able to "properly scrutinize that plan" before she begins formal talks. The request is supported by some lawmakers from May's own Conservative Party.
In response, May late on Tuesday tabled an amendment that effectively accepted the motion, adding that there shouldn't be an attempt to block Brexit or "undermine the negotiating position of the government."
A look at the debate about the role of Parliament in Brexit and why it matters.
The pound is the world's worst-performing major currency against the greenback this month, sinking more than 5 percent. The currency clawed back some ground in early Asian trading on Wednesday, gaining 1.3 percent.
Against this backdrop, a London Court this week will rule whether May can trigger Article 50 of the Lisbon Treaty, which starts an exit, without approval from her fellow lawmakers.
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