Home » Currency Note » Currency Note » Currency Note GBP » GBP: Brexit ‘thumbs up’ sends sterling higher

Sterling climbed to a two-week high against the dollar yesterday in rather astonishing circumstances. With no major economic data releases from the UK, any moves were likely to be fuelled by events elsewhere or reports of Brexit developments. However, as it turned out, it was neither, with the strengthening coming following an ambiguous gesture from Dominic Raab.

Upon leaving Downing Street after a Cabinet meeting, the Brexit secretary gave reporters a verbal ‘thumbs up’ and the pound jumped. Let’s be clear here: Raab didn’t even put his thumbs up, instead he just said ‘thumbs up’. There were no further indications on whether this referred to how the Cabinet meeting went, whether there was progress on the Irish backstop, whether he remains optimistic, or something else entirely. Still, it was enough for investors to send sterling to its highest mark against the dollar since 22 October 2018.

October’s Halifax house price index figures will be released this morning, with month-over-month growth expected to bounce back. Year-on-year, the figure is expected to drop to 1.2% from 2.5% the previous period.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

Protect against risk

Avoid losing money and protect against currencies moving against you.

Dedicated trader

Dedicated currency trader working with you to get the best value for your money.

Secure and efficient transfers

Secure, quick and efficient transfers. Authorised by the FCA.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Keep up to date

Get regular, jargon-free currency market updates delivered directly to your inbox.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Refer a friend or business

Recommend our services to your friends, family or colleagues and earn great rewards.