Economic news

Sterling touches 3-1/2 month peak vs euro as Brexit deal hopes revive

The pound scaled a fresh 3-1/2 month peak against the euro and extended its rise versus the dollar on Wednesday on hopes that the UK and the EU could reach a Brexit deal soon.

Photo: Reuters

The British currency ticked up 0.1 percent against the single currency to 87.43 pence. Versus the dollar it was 0.3 percent higher at $1.3186, its top since Sept. 26, before reversing gains to trade unchanged at $1.3142.

British media reported late on Tuesday that the two sides had made progress in talks on the border between Northern Ireland and the Irish Republic, a crucial obstacle in securing a Brexit deal.

Britain's economy’s summer rise seemed to be stronger than anticipated as warm weather fueled consumer spending and housebuilding, according to fresh official data.

The numbers are likely to satisfy the Bank of England about the economy’s state as Brexit nears in March but it did not affect much the pound.


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