Economic news

Pound steady, further Brexit progress in focus

Sterling was virtually unchanged on Thursday despite recent progress in tough Brexit negotiations, with investors remained anxious about the border on the island of Ireland.

Photo: Reuters

The British currency was stable versus the dollar at $1.3192, not far from a 3-1/2 month peak of $1.3244. It dropped 0.3 percent against the euro to 87.29 pence.

European Union Brexit negotiator Michel Barnier said on Wednesday that Brexit agreement is “within reach” by next Wednesday, supporting the pound.

The analysts believe that if a hard Brexit was avoided sterling could advance by a further 5-10 percent by the end of the year.

The crucial EU summit will be held on Oct. 18. and the Irish border problem weigh on difficult negotiations.

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