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Friday, October 30, 2020

Pound soars 2% as traders bullish on Brexit deal

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The pound bounded for the second day in a row Friday as traders reacted with vigour to news that British Prime Minister Boris Johnson and Taoiseach Leo Varadkar had found a “pathway” to a Brexit deal.

The pound was up around 2.2 cents, or 1.9%, against the US dollar, to 1.2660. It marks a nearly 4% rise since before the two leaders met on Thursday afternoon.

Against the euro, the pound rose 1.4% to 1.1453.

Next week really needs to deliver the goods if the pound isn’t to suffer a nasty, nasty comedown

European Council president Donald Tusk lit a fire under the currency on Friday afternoon, saying he had seen “positive signals” from the meeting.

His statement “in and of itself sent sterling stratospheric”, said Connor Campbell, a financial analyst at Spreadex.

However, Mr Campbell said, the pound was rebounding from a five-week low on Thursday, and traders could be in for a shock next week.

“With the currency getting a bit carried away in the last 24 hours, next week really needs to deliver the goods if the pound isn’t to suffer a nasty, nasty comedown,” he said.

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