Pound Sterling Exchange Rates Jump on Soft Brexit Possibilities

13 January 2018 by News Desk   |   SHARE  

The pound jumped in Friday's European session as it seemed a softer Brexit could be on the horizon, say currency experts FC Exchange.

The pound climbed against a host of other majors on Friday, including the euro (GBP/EUR) and US dollar (GBP/USD). Sterling’s rally came after news that European countries Spain and the Netherlands would be open to the UK having a softer Brexit. Today Bloomberg reported that Spanish and Dutch finance ministers are going to work closely in an attempt to obtain a Brexit deal that allows the UK to remain as close to the European Union as possible.

As a result, the pound hit the highest level against the US dollar (GBP/USD) since the Brexit referendum, nearing the 1.37 barrier, while the pound also climbed against other currencies, making notable gains against the Canadian dollar, Australian dollar, New Zealand dollar, and South African rand. The pound also climbed against the euro (GBP/EUR), reaching highs of 1.1291.

Meanwhile, the euro hit a three-year high against the US dollar (EUR/USD) when German coalition talks appeared to make a breakthrough. The first phase of discussions between the Christian Democratic Union and the Social Democrats has gone well, inspiring investors and allowing the single currency to reach highs of 1.2154 versus the buck.

 

Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.

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