The Pound spikes on positive Brexit news

Hi everyone,

Well the Brexit roller-coaster continues and this time the ride (Sterling) is heading up. Here are the recent comments that has propelled the Pound from £-€1.1090 & £-$1.2210 (mid-market) just yesterday afternoon, to an incredible high earlier of £-€1.14 & £-$1.2580 (mid-market).

It was all started after comments made by the Irish PM Leo Varadkar yesterday afternoon "I do see a pathway towards an agreement in the coming weeks. Talks were very positive and very promising and I am now absolutely convinced that both Ireland and the UK want there to be an agreement that's in the interests of Ireland, the UK and the EU as a whole". This moved Sterling instantly up 1%, which was increased slowly through the night and into the morning.

We then heard from European Council head Donald Tusk who said "When the Irish and the UK Prime Ministers met, they both saw for the first time a pathway to a deal". And just recently, EU chief negotiator Michel Barnier said "We had a constructive meeting" after a 2-hour breakfast meeting with Brexit secretary Stephen Barclay. This comment moved Sterling up another 0.3% across the board. 

As always, we suggest caution to not get carried and expect Sterling to 'kick-on' because we have been here many times before, where optimism surrounds the Pound only for the rug to be pulled from beneath. Back in May, when rates hit £-€1.17 & £-$1.31 on talks of a deal being achieved, ended the month down at £-€1.13 & £-$1.26 after talks broke down. 




Upcoming Data


Friday, 11th October, 2019

13:30 EU - Imp/Exp price index
13:30 US - Durable goods, personal income/spending


Dan Waterman
Office Manager



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