Pound Soars on No-Deal Brexit Declining Possibility Even as Doubts Remain

The pound has hit its highest level against the dollar since July amid hopes a no-deal Brexit can be avoided.

Sterling jumped more than 1% on Friday to over $1.24 against the dollar, its highest level in seven weeks.

The pound was boosted after a report in the Times said the DUP, Northern Ireland’s largest political party, was prepared to abide by some European rules after Brexit.

However, the DUP swiftly denied the claim.

Despite this, sterling held on to its gains, and against the euro it was up 0.7% at over €1.12.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza