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GBP rises as EU's Juncker optimistic about Brexit

  • Regular
  • FX Market
  • 3 weeks ago
  • 20

GBP climbed back over the $1.25 mark in a rally sparked by comments from European Commission president Jean-Claude Juncker, who offered confidence the EU and UK can reach a Brexit agreement before the October deadline.

The pound gained as much as 0.7% following Mr. Juncker’s comments as he stated he was “doing everything to get a deal” and would be willing to remove the controversial Irish backstop from a withdrawal agreement if the two sides agree on an alternative.

“I think we can have a deal. I am doing everything to have a deal because I don’t like the idea of a no-deal because I think this would have catastrophic consequences for at least one year.”
“Brexit will happen.”

Sterling touched a session high of $1.2559 but overall up 0.6% at $1.2538, putting it on track for its highest level in two months as it also gained 0.3% against the EUR at €1.1343.

 

 

Source: Smart Trend Team