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Sterling rises towards $1.40 on Brexit deal optimism


Tuesday, 23 January 2018 00:37 WIB

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Sterling climbed half a percent against the euro and dollar on Monday, nearing $1.40 and reaching its highest level since June 2016's vote for Brexit, on optimism that Britain will reach a favourable divorce deal with the European Union.

French President Emmanuel Macron said on Saturday that Britain would be able to have a bespoke deal with the trading bloc - one of Prime Minister Theresa May’s objectives - though London’s financial centre could not enjoy the same level of access to the EU under May’s current Brexit plan.

Sterling climbed to as high as $1.3970, its strongest since June 24 2016.

Against the euro, too, which has proved more resilient against the pound in recent weeks, sterling broke through the 88 pence level to trade at its strongest in five weeks at 87.70 pence per euro.

Source: Reuters


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