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Sterling Consolidates Gains on Brexit Deal Hopes


Friday, 11 October 2019 16:17 WIB

Poundsterling


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The British pound consolidated gains early Friday after its biggest one-day jump in two years in response to signs of a possible agreement on the Irish border problem that has plagued the Brexit negotiations.

By 4 AM ET (08:00 GMT), GBP/USD was at $1.2460, up 0.2% from late Thursday and on course for a 1% gain against the dollar over the week. GBP/EUR was up 0.1% at 1.1315, on course for a weekly gain of 0.7%.

Reports suggested that the U.K. had conceded that the province of Northern Ireland would remain in the EU customs area immediately after Brexit – a move that would satisfy EU concerns about the integrity of its border.

However, it could lose the Conservative government the support of Northern Ireland’s Democratic Unionist Party, as well as some Conservatives who baulk at a step they say could lead to the breakup of the U.K.

As such, there is no guarantee that Johnson’s proposals could command a majority in the House of Commons – the same problem that brought down his predecessor Theresa May.

Source : Investing.com


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