Pound and shares surge as confidence grows about soft Brexit deal

GBP Upcoming Inflation Data May Dent Bullish Uptrend

The GBPUSD now trades near highs at 1.3686 (high reached 1.3694).

Alexandra Russell-Oliver, Currency Markets Analyst, told Daily Star Online: "Sterling has hit its highest levels against the dollar since the referendum off the back of a combination of dollar weakness and pound strength".

Sterling has been pressured earlier this week by signs of continued divisions between the United Kingdom and EU over Brexit, amid reports that banks are beginning to enact their contingency plans to set up European headquarters to avoid losing access to the European market in the event of a so-called hard Brexit.

"Reports of progress in Germany's coalition talks saw the dollar weaken this morning as the euro rallied to a three-year high, while the pound later jumped on reports that Spain and the Netherlands favour a soft Brexit".

More news: (VLO) Holdings Reduced by Weaver C. Barksdale & Associates Inc

According to reports today, sources are claiming that the Foreign Ministers from each country had independently agreed to work with each other to maintain a deal that would benefit both the United Kingdom and EU. Today Bloomberg reported that Spanish and Dutch finance ministers are going to work closely in an attempt to obtain a Brexit deal that allows the United Kingdom to remain as close to the European Union as possible. Just because two of the 27 members say this, it doesn't mean a softer Brexit will happen. Others said the pound would struggle to maintain Friday's gains without more positive news.

Two-year gilt yields GB2YT=RR rose more than 5 basis points on the day to peak at 0.615 percent, their highest level since January 4, 2016.

Nomura currency strategist Jordan Rochester said the move higher for sterling was driven by a "big algo move", referring to an algorithmic trade, while he also played down attaching too much importance to the Bloomberg report.

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