The British pound held above the $1.28 level after the European Union granted a three-month delay to Brexit, ensuring that a no-deal departure won’t be imminent.
traded at $1.2832 versus $1.2828.
The European Union agreed to delay Brexit until Jan. 31 next year on Monday — just three days before it was due to take place.
The next step is likely to be a general election before a vote in the U.K. Parliament is taken on the withdrawal agreement.
The FTSE 100
meanwhile declined 0.05% to 7320.83
slumped 4% as the bank said it can no longer hit next year’s target of an 11% return on tangible equity. The bank’s profit tumbled 24% in the third quarter on what it called challenging conditions.
Analysts at Jefferies said the bank had a relatively weak performance across foreign exchange, interest rates, credit and equities within its global banking and markets division. Hyperinflation from Argentina also hurt the bank’s results.