Pound Higher on Brexit Deal Hopes as Top Boris Aide Set to Leave No. 10



© Reuters.

By Yasin Ebrahim

Investing.com – The pound is set to snap a two-week losing streak against the dollar Friday as hopes for a Brexit deal were given a boost after Prime Minister Boris Johnson’s top aide was ousted ahead of “make or break” Brexit talks.

rose 0.52% to $1.3183.

Hopes for the reaching a deal were given a boost after the prime minister’s top advisor Dominic Cummings, a staunch Brexiteer, confirmed he will leave his position, prompting some to suggest the UK is preparing to cave in on demands.

“Seeing him leave Number 10 carrying a cardboard box tells me a Brexit sell-out is close,” Nigel Farage, the former Brexit leader, said in a tweet.

The move comes ahead of this weekend’s deadline on Brexit talks, though many widely believe next week represents the likely deadline. 

The EU Leaders’ summit on Nov. 19 is more likely to be used to broker a compromise on sticking points including level playing field commitments, and access to UK fishing waters that have held up progress, National Australia Bank (OTC:) said in a note.

“Brexit talks move to the make or break stage, with compromise necessary to reach a deal as both sides struggle to get past the three remaining issues,” it added. “We continue to expect a deal.”

The UK and EU have until the end of the year to reach a deal on trade, following which, in the absence of a deal, the UK will have to fall back on onerous terms set by the World Trade Organization.

The bright end to the week for the pound comes ahead of a busy week of data with inflation and retail sales on the calendar for next week.

READ  Pound Risks 35-Year Low With BOE Fueling Sub-Zero Rate Bets
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here