Pound Rises to Highest Since 2018 on Brexit Hope, Weak Dollar By Bloomberg

Pound Rises to Highest Since 2018 on Brexit Hope, Weak Dollar

ForexDec 16, 2020 07:09AM ET

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Pound Rises to Highest Since 2018 on Brexit Hope, Weak Dollar

© Bloomberg. FILE: The Houses of Parliament stand behind a Union flag, also known as a Union Jack, in London, U.K., on Wednesday, Oct. 30, 2019. European Union and Jack flags as Brexit trade talks that were on the verge of a breakthrough descended into a fight between the U.K. and France on Thursday as the British government said prospects of an imminent deal had receded.

(Bloomberg) -- The pound climbed a third day to its highest level in over two years as optimism the U.K. and European Union may reach a trade deal coincided with a weakening dollar.

Sterling rose as much as 0.7% to $1.3549, surpassing a high recorded on Dec. 4 to reach its strongest level since May 2018. Bloomberg’s gauge of the greenback fell a third day, the longest run in about two weeks, as risk sentiment improved.

The pound has been beholden to the twists and turns of Brexit trade negotiations as the year-end deadline for the U.K. and the EU to reach a deal nears. The currency’s realized volatility in the last week was the highest among its Group-of-10 peers.

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