Pound Sterling Reverses Earlier Losses, Comments from Spain's Borrell Cited

Above: Josep Borrell Fontelles, Image courtesy of Ministro de Asuntos Exteriores. Reproduced under CC licensing conditions.

Pound Sterling is quoted nearer the top-end of recent ranges against the Euro and Dollar having undergone a volatile trading session dictated by complex Brexit political news flow.

The currency however appears to be intend on closing the London equity trading session with a daily gain on the Euro, Dollar and a host of other G10 currencies however on headlines from Europe.

Traders cited a report from Bloomberg saying Spain's foreign minister says a Brexit accord is "being hammered out" as being behind Sterling's recovery late in the session.

"I think the accord is being hammered out now, without having to go to Sharm El-Sheikh to do it," Foreign Minister Josep Borrell said in an interview at the ministry’s palace in Madrid.

Borrell says he is still hopeful of a Brexit deal and that the two sides can avoid "causing damage to each other".

The GBP/EUR rate is quoted at 1.1509 at the time of writing, the day's high, set earlier this morning is at 1.1523 while the low triggered in the wake of the defection of three Conservative MPs is at 1.1474.

The GBP/USD rate is quoted at 1.3061, the day's high is at 1.3078, the low at 1.3012.

Time to move your money? Get 3-5% more currency than your bank would offer by using the services of foreign exchange specialists at RationalFX. A specialist broker can deliver you an exchange rate closer to the real market rate, thereby saving you substantial quantities of currency. Find out more here.

* Advertisement