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Sterling rallies on report of Brexit November timetable


Wednesday, 7 November 2018 16:39 WIB

poundSterling,Poundsterling


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Sterling rose for a third consecutive day on Wednesday, buoyed by a BBC report that Britain is preparing for a Brexit agreement by the end of November.

The pound has benefited from growing hope among investors that Britain is close to reaching a deal with the European Union less than five months before it leaves the bloc.

A 3 percent rally in the currency over the last week comes despite unresolved differences over the Irish border.

It is unclear if an agreement on that issue can be reached in time to hold an emergency summit of EU leaders in November to sign off on a deal.

Against the dollar, the pound hit a two-week high of $1.3144. It traded flat against the euro at 87.26 pence.

Opposition within Prime Minister Theresa May’s Conservative party and parliament has made investors wary of betting big on the pound.

The currency has faltered in seven of the 10 months of this year so far, losing as much as 3.6 percent.

Source: Reuters


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