UK pound strengthens to US$1.33

Business | 23 Nov 2020 10:23 pm

The UK pound has hit its highest level against the US dollar since early September, as hopes of a Brexit deal rise.

Sterling has gained 0.6 percent this morning, to US$1.336, while the euro has picked up 0.4 percent against the dollar, The Guardian reports.

Ricardo Evangelista, senior analyst at ActivTrades, explains: “Strong gains for the pound versus both the dollar and the euro during early Monday trading, as investors price in increasing chances of a deal being reached between the UK and the EU.

“While negotiators are still struggling to reconcile opposing views on fishing and legal matters, it appears increasingly likely that both sides are committed to reaching an agreement, as illustrated by the statement made on Sunday by the Chancellor of the Exchequer, Rishi Sunak, who said he is confident in a trade agreement being reached with the EU soon.''


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