Pound hits highest level since July on Brexit optimism

The Pound has reached its highest levels since July 19th overnight, the strongest it’s been since just after Boris Johnson took the top spot as Prime Minister. The move came after European Commission President, Jean Claude Juncker said that he’d had a ‘rather positive’ meeting with Boris Johnson, and that ‘we could have a deal’ by October 31st. The Pound reached interbank levels of 1.25 against the US Dollar, and 1.13 versus the Euro. Not including the ‘flash crash’ of 2016, the Pound hit 34-year lows versus the US Dollar at the start of September but has been clawing back losses after Boris Johnson faced a number of defeats in Parliament in the last few weeks. Any signs a deal or orderly exit from the EU could take place could boost the Pound further, but with the October deadline fast approaching and no solid plans in place, any signs of a no-deal departure or more political volatility could put pressure on the Pound again.

To take advantage of this move, find out how you can lock-in an exchange rate, or protect your funds, speak to one of our currency specialists today, on +44 (0)20 7989 0000.

Interbank highs today: 

GBP/USD – 1.2582

GBP/EUR – 1.1381

GBP/AUD – 1.8496

GBP/NZD – 1.9977

GBP/CAD – 1.6691

GBP/ZAR – 18.5804

GBP/JPY – 135.749

GBP/CHF – 1.2473
 

(Correct as of 08:43am)