Huge relief for Pound Sterling as UK reaches EU trade deal, Pound to Euro exchange rate tests key 1.1110 area, longer-term UK reservations continue
The UK and EU have agreed a trade deal with the final details currently being ironed out. UK Prime Minister Johnson is now due to hold a press conference this morning, although further slippage is a risk.
The Pound to US Dollar exchange rate has strengthened to highs above 1.3550 and close to 31-month highs posted last week.
The Pound to Euro exchange rate has strengthened to 1.1120 and attempting to sustain a move above the crucial 1.1110 level.
Trading desks are winding down for the Christmas holiday and a much more considered reaction will not be seen until early 2021.
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The GBP/USD spot rate at time of writing: +0.22% higher @ $1.34311 on 23.12.2020.
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Pound Sterling (GBP) Exchange Rates
The Pound to Dollar exchange rate (GBP/USD) came under pressure on Tuesday. A choppy day of trade for Sterling that ultimately saw it drop slightly below 1.34. On the data front, the U.K. economy continues to demonstrate its resilience, as Q3 GDP was revised higher and vital business investment was also better in Q3. Elsewhere on the Brexit front things are not looking quite as solid. The latest British offer on fishing has been deemed unacceptable by the E.U., and though progress is being made this key issue remains a sticking point. A huge line of lorries in Dover is only adding to the no-deal Brexit fears but the GBP remains solid.