Yesterday saw the pound climb back up to Friday’s levels
28 August, 2019
Yesterday saw the pound climb back up to Friday’s levels, having dropped back on the non-trading, Bank Holiday Monday.
The rise came as increased media chatter surrounding opposition parties ongoing attempts to prevent a no-deal Brexit come the end of October. Labour has stated they will seek to pass a law that would force the Government to request a further extension to Article 50, should no deal be agreed beforehand.
The positivity comes from reports Labour leader Jeremy Corbyn, in agreement with other opposition parties, came to an agreement that this option would be more likely to succeed than trying to oust Johnson with a no-confidence vote.
Sir Kier Starmer, was quoted as saying “I was very supportive of the measures earlier this year to pass legislation to prevent no deal and I’m very supportive of them know”.
The pound held its gains, despite a statement from Boris Johnson’s office following his meeting with the EU Commission President, Juncker, where he apparently told him during a “positive and substantive conversation “, that unless the backstop was abolished, “there is no prospect of a Brexit deal”.
Over the day, the result was a rally to a near month high for sterling against both the euro and the US dollar by close of trade.
With no data of note out today to sway markets, it’s going to be sentiment led trading, towards any Brexit developments for the pound again. Despite the positivity towards the pound, it’s all speculation and the rise shouldn’t be taken for granted. Two weeks ago we were 4 cents lower against the euro, so anyone with a requirement coming up might be prudent to take advantage now, having gained that inch, don’t end up losing a mile.
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