Forex - Pound Hits 2-Week Highs on Brexit Deal Optimism By Investing.com

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Forex - Pound Hits 2-Week Highs on Brexit Deal Optimism

Published Nov 06, 2018 08:52AM ET

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Forex - Pound Hits 2-Week Highs on Brexit Deal Optimism

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Investing.com - The pound rose to the highest level in two weeks against the dollar on Tuesday on the back of optimism that a deal on Brexit is close.

GBP/USD hit highs of 1.3096, the most since Oct. 19, and was at 1.3077 by 08:33 AM ET (13:33 GMT), up 0.28% for the day.

Sterling hit five-month highs against the euro, with EUR/GBP touching 0.8718 before pulling back to 0.8738.

The pound climbed after BBC reporter Laura Kuenssberg tweeted that Britian’s Brexit secretary Dominic Raab said "Thumbs up" on his way out of a cabinet meeting to discuss Brexit negotiations.

Earlier in the day the pound slipped lower after Democratic Unionist Party (DUP) Chief Whip Jeffrey Donaldson tweeted that Britain is heading towards a no-deal Brexit.

Donaldson is one of 10 DUP members whose support British Prime Minister Theresa May currently needs to get any Brexit deal passed in parliament.

With less than five months to go until Britain exits the European Union negotiations are stuck on the Irish border backstop.

Both the EU and UK have agreed the need for a backstop to ensure there is no return to a hard border between Ireland and Northern Ireland after Brexit.

The EU has proposed a backstop that would mean Northern Ireland staying in the EU customs union, but the British government has rejected that as a threat to the integrity of the UK.

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