The British pound rose to a 19-day high versus the euro and gained 0.7% against the U.S. dollar on Monday on hopes that Britain could secure a Brexit trade deal with the European Union by October or at least avoid a cliff-edge exit from the bloc.
FILE PHOTO: British five pound banknotes are seen in this picture illustration taken November 14, 2017. REUTERS/Benoit Tessier/File Photo
“There’s hope that no matter what they will avoid the extremes and even if there is no deal, they will make sure that we don’t get any disruptions in the market,” said Athanasios Vamvakidis, global head of G10 FX strategy at BAML. The internal market bill had raised worries that Britain was on course to override the withdrawal agreement signed last year which protected the border between Ireland and Northern Ireland, an issue at the heart of last year’s Brexit negotiations.
Britain continues to struggle with a rise in coronavirus infections, recording 5,693 new cases on Sunday.
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