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The pound inflated by hopes on post-Brexit negotiations

23/11/2020
Source : boursorama.com
Categories: Index/Markets

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The British pound rose sharply against the euro and the dollar on Monday, benefiting from hopes raised by press reports on the progress of negotiations between Brussels and London on a post-Brexit trade agreement.

Around 10:00 a.m. GMT (11:00 a.m. in Paris), the pound gained 0.56% against the euro, at 88.83 pence for one euro, and 0.73% against the dollar, at 1.3374 dollars for one pound.

An hour earlier, the pound had hit its highest level against the dollar since September, at $1.3381 to the pound.

The strength of the British currency "reflects the growing optimism of investors on the EU-UK negotiations, which would be finalized", commented Lee Hardman, analyst at MUFG.

The British press published an internal memo from EU officials on Sunday, in which they estimate that the agreement would be "95% ready", while stressing that the points of contention persist: fishing rights, competition and the way to settle disputes.

"As always, trading information will give the direction of the pound. After many false hopes and disappointments, we are approaching the deadline," said Neil Wilson, analyst at Markets.com.

“The pound was also able to take advantage of information confirming that the containment of all of England will end on December 2, as planned,” said Mr. Hardman.

The economy of the United Kingdom, the most affected European country in terms of death toll, has been particularly affected by the Covid-19 pandemic, and many observers feared an extension of the confinement started in early November.

On this subject, the pound also benefited from the announcement by the British laboratory AstraZeneca, which claimed on Monday morning to have developed a vaccine that is 70% effective on average.

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