Pound Rises on Brexit Deal Optimism

October 11, 2019 Share Print 0

Sterling surged on Friday to a three-month high amid investor optimism about a last-minute Brexit deal between Britain and the European Union.

Against the dollar the pound rose 1.8% to $1.2667, and against the euro was up 1.35% at €1.1452.
The currency has rallied more than 3% since Thursday, its biggest two-day gain since before the June 2016 referendum on leaving the EU.

Many UK-focused shares also surged, with Royal Bank of Scotland up 14.4%.

On Friday, EU Brexit negotiator Michel Barnier said he had had a “constructive” meeting with UK Brexit secretary, Stephen Barclay. That followed talks between the Irish and British prime ministers on Thursday, after which a joint statement spoke of “a pathway to a possible deal”.

Via BBC

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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.