The Pound has surged this afternoon in reaction to renewed hopes that the UK might be able to avoid a no-deal Brexit.
What’s been happening?
GBP/EUR up 0.9%
GBP/USD up 1% – trading at a 3-week high
GBP/AUD and GBP/NZD up over 1.2%
GBP’s uptrend was triggered by recent comments about the controversial Irish backstop.
UK PM Boris Johnson met with German Chancellor Angela Merkel and French President Emmanuel Macron to discuss the issue, and both leaders indicated that the UK could present a viable alternative. If a solution was found the UK might be able to avoid a no-deal Brexit.
Boris Johnson subsequently stated: ‘I think we can get a deal and a good deal. I know that with energy and creativity and application we can find a way forward for all our businesses and our citizens.’
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