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Pound gains, stock futures dip on Brexit delay hopes

Pound gains, stock futures dip on Brexit delay hopes
Pound coins are seen in this photo illustration taken in Manchester, Britain September 6, 2017. REUTERS/Phil Noble/Illustration Copyright PHIL NOBLE(Reuters)
Copyright PHIL NOBLE(Reuters)
By Reuters
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LONDON (Reuters) - Sterling rallied against the dollar and the euro while stock futures dipped on Tuesday on media reports that Prime Minister Theresa May will propose formally ruling out a no-deal Brexit.

As the United Kingdom's Brexit crisis goes down to the wire, May is making a last-ditch effort to get changes to the divorce package but lawmakers will try on Wednesday to grab control of Brexit in a series of parliamentary votes.

Against the euro, the pound rallied nearly half a percent to a one-month high at 86.31 pence. It also gained 0.4 percent against the dollar at $1.3160.

Futures for Britain's FTSE 100 index fell to a two-week low as the pound rallied. The exporter-heavy index tends to suffer when sterling gains.

(Reporting by Saikat Chatterjee and Helen Reid, Editing by Abhinav Ramnarayan)

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