Pound Finds Support on News EU and UK Negotiators Have Made Progress
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- Market rates: GBP/EUR: 1.1070 | GBP/USD: 1.3000
- Bank transfer rates: 1.0860 | 1.2730
- Specialist transfer rates: 1.0970 | 1.2880
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The Pound outperformed the Euro and a host of other major currencies on news EU and UK negotiators have made tangible progress in the ongoing phase of intensive negotiations.
Negotiators have been locked in talks in London since last week and the Bloomberg newswire reports progress had been agreed in resolving "some of the biggest disagreements that have long bedevilled the Brexit talks."
The progress is said by sources quoted by Bloomberg to "raise hopes a deal can be reached by early November".
It is reported the EU and UK have begun work on the text of an agreement on the level competitive playing field, and are close to finalising a joint document covering state aid.
The report adds the two sides have also moved closer to deciding essential aspects of how any accord will be enforced.
The Pound rallied against the Euro in the wake of the news and went higher against the majority of its G10 peers.
However, gains against the Dollar were not forthcoming given the substantial safe-haven demand the U.S. currency is enjoying amidst a sizeable stock market sell-off linked to rising fears that major lockdowns are soon to be introduced in Germany and France.
Upside potential in Sterling is likely to be limited by the observation that while negotiators have made progress, no mention on the issue of fisheries was made.
As such, expectations that fisheries will be where a final showdown takes place look to be well founded.
At the time of writing the Pound-to-Euro exchange rate is quoted at 1.1076, the Pound-to-Dollar exchange rate at 1.30 and the Pound-Australian Dollar exchange rate at 1.8419.
