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Pound jumps over a percent on Brexit deal optimism

The Pound rallied on Thursday after optimistic comments from German Chancellor Angela Merkel led markets to hope a Brexit deal could still be in sight. Sterling jumped by over 1.0% against the US Dollar, Euro, Australian Dollar, New Zealand Dollar, South African Rand, and other currencies, breaking through some key barriers. On Wednesday, Merkel stated that she hoped the two sides could ‘find a solution in the next 30 days’, but markets have seen Thursday’s comments from the German Chancellor as playing down the tight deadline and having the potential to give the UK more time.

While this positively perceived news has allowed the Pound to climb, the Irish border backstop is still a sticking point for negotiations and the October Brexit deadline is fast approaching. This means there could be further volatility ahead as Boris Johnson attempts to find a solution to the UK’s Brexit woes. 

If you’d like to find out how you can take advantage of the Pound’s rally, contact your Dealer or call us today on 020 7989 0000. 

Interbank highs so far today: 

GBP/USD – 1.2273

GBP/EUR – 1.1076

GBP/AUD – 1.8155

GBP/NZD – 1.9264

GBP/CAD – 1.6308

GBP/SEK – 11.8776

GBP/DKK – 8.2569

GBP/NOK – 11.0198

GBP/CHF – 1.2065

GBP/ZAR – 18.6649

GBP/JPY – 130.698

GBP/SGD – 1.7014

GBP/HKD – 9.6100

Correct as of 15:20 BST