Sterling gains, dollar on back foot amid hopes Brexit deal imminent investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.
24 Dec 2020 / 17:12 H.
(Corrects title in third para to Ireland s foreign minister, not prime minister) Pound extends gains as Brexit deal expected on Thursday Brexit optimism overshadows Trump s threat on stimulus bill Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E
By Yoruk Bahceli
AMSTERDAM, Dec 24 (Reuters) - Sterling extended gains on Thursday as Britain and the European Union appeared on the cusp of striking a trade deal, raising hopes the United Kingdom can avoid a turbulent economic departure at the end of the year.
The dollar was on the back foot in holiday-thinned trading as hopes for an agreement that would protect about $1 trillion in annual cross-channel trade from tariffs and quotas sapped demand for the safest assets.
| UPDATED: 18:36, Thu, Dec 24, 2020
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Sterling gained on Thursday, Christmas Eve, as Britain and the EU appeared on the brink of striking a post-Brexit trade deal. The news has raised hopes the UK will avoid a turbulent economic departure at the end of the year when the EU transition period ends on December 31.
Sterling extended gains on Thursday amid expectations a long-elusive Brexit deal was imminent, raising hopes the UK can avoid a turbulent economic ruptu
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.