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Sterling Climbs on Report Banks to Get EU Access After Brexit


Thursday, 1 November 2018 15:55 WIB

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The pound surged and gilts fell after the Times reported Brexit negotiators have tentatively agreed to give U.K. financial services firms continued access to European Union markets after Britain leaves.

The pound was up 1.1 percent at $1.2905 by 8:30 a.m. in London, with 10-year gilt yields two basis points higher at 1.46 percent. The currency had briefly jumped on Wednesday and gilts were put under pressure after a letter was published showing U.K. Brexit Secretary Dominic Raab expected a deal to be finalized by Nov. 21.

Sterling rose as much as 1.1 percent and U.K. government bonds dropped for a second day as the prospect of a full Brexit agreement was seen reducing economic uncertainty. That is bringing forward expectations for an interest-rate hike to next year, just before the Bank of England announces its latest policy decision and inflation outlook later Thursday.

Source : Bloomberg


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