GBP rises as EU's Juncker optimistic about Brexit
- FX Market
- 3 weeks ago
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