Brexit Talks Continue to Take Hold of a Surging Pound

Through trading on Thursday, the Pound made further gains as a result of increased optimism surrounding Brexit trade deal talks and progress. While talks were moving in the right direction, further news during the evening saw the rates drop after a lack of progress after Boris Johnson intimated that takes were in a serious situation and that a no-deal is very unlikely. However, what might boost the currency today is news that retail figures were better than expected. At the end of trading on Thursday, the pound finished at 1.1066 against the Euro and 1.3569 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro yesterday as it gained support from the negative correlation with the US Dollar, forcing the Euro to US Dollar rate to rise. With the news that the Eurozone was in a position of deflation the single currency still managed to hold its ground and rates could receive another boost today if business sentiment shows improvements during December.

The US Dollar experienced further losses yesterday following a lack of demand after US congress edged closer to an agreement on a fiscal stimulus package. Along with this, the US jobless figures were higher than expected and that placed further pressure on the currency.


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