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Pound Sterling (GBP) Exchange Rate Jumps on Brexit Breakthrough

08 December 2017 by News Desk

The pound jumped against other major currencies on Friday morning as it seemed a Brexit breakthrough was made, say exchange rate experts FC Exchange.

The pound climbed against the euro (GBP/EUR) on Friday as the UK and EU made a breakthrough on Brexit. The GBP/EUR exchange rate managed to break the 1.15 level—a six-month high—as an agreement on the Irish border and other issues was reached, allowing talks to move onto trade. The pound to Australian dollar (GBP/AUD) exchange rate has reached highs of 1.7995.

European Commission President Jean-Claude Juncker stated: ‘Both sides had to listen to each other, adjust their position and show a willingness to compromise. This was a difficult negotiation for the European Union as well as for the United Kingdom.’

The situation regarding the Irish border seems to allow Northern Ireland’s regulations to remain in ‘full alignment’ with EU law. Arlene Foster, the Democratic Unionist Party (DUP) leader said: ‘There is no red line down the Irish Sea and clear confirmation that the entirety of the UK is leaving the EU, leaving the single market, and leaving the customs union.’

To take advantage of this positive exchange rate shift, contact FC Exchange on +44 (0)20 7989 0000 and discuss how you can maximise your international money transfer.

The pound to euro (GBP/EUR) exchange rate is trending at levels of 1.1479. The pound to Australian dollar (GBP/AUD) exchange rate currently holds at levels of 1.7941.

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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