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by Marianna Aragao
The pound advanced against the dollar as Conservative Party leadership candidate Andrea Leadsom announced she was withdrawing from the contest.
The currency was as much as 0.8 percent lower earlier Monday before the BBC reported Leadsom was about to quit. The decision leaves Theresa May as the only candidate in the race to be Britain’s next prime minister.
“The battle for the leadership could have been protracted” which would mean “additional uncertainty for the already battered pound,” said Petr Krpata, a currency strategist at ING Groep NV in London.
The U.K. currency added 0.1 percent to $1.2967 as of 12:21 p.m. London time. It fell to the lowest level since 1985 last week.
The Last of the Leavers drops out. Take back control! No, you take back control. No, you take back control. #Leadsom
— David Lammy (@DavidLammy) July 11, 2016
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