Home » Currency Note » Currency Note » Pound rallies as no deal less likely

The pound has rallied over the last two days, hitting a two-year high on Tuesday as a no-deal Brexit seems less likely. Yesterday’s debate in Parliament saw the Cooper amendment passed, essentially  putting in stone the Prime Minister’s assurance that there would be a vote on extending Article 50 if needed.

Otherwise, it was a mixed bag from Parliament. Corbyn has said he will throw his backing behind a second referendum – among other options – after Labour’s customs union deal proposal was roundly rejected, as was the SNP’s amendment that the UK would not leave without a deal under any circumstance.

In the Eurozone, the main focus too has been Brexit, although statistical releases didn’t paint a positive picture. Industrial sentiment came in below expectations, in another sign of the Eurozone’s continued economic worries.

Meanwhile, Kim and Trump failed to reach a consensus in Vietnam. Back in the US, the dollar strengthened slightly following comments by Robert Lighthizer on the progress of US-China trade deals.

It’s impossible to predict how the markets will be impacted in the coming weeks and months – so take advantage of the buoyed pound today and speak to your Personal Trader about a forward contract. This will lock in your exchange rate for up to twelve months, so you know exactly how much you’ll be paying, no matter what happens. And do refer any of your contacts who would benefit too from our risk-protection services. As a bonus, as soon as they trade, you’ll start earning Smart rewards.

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