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Brexit deal agreed, but pound still faces hurdles

business-articlesBrexit deal agreed, but pound still faces hurdles
While many doubted it was possible, the UK and EU have finally reached an agreement on Brexit, with Boris Johnson and Jean-Claude Juncker jointly announcing that a withdrawal deal had been finalised this morning.

However, the news has only inspired more GBP volatility, with the currency fluctuating in a wide range.

Key rate movements
  • 2% swings in GBP/EUR
  • GBP/USD brushes five-month high
News of the deal initially catapulted the pound higher, however the correction in Sterling came almost immediately as it emerged that the Democratic Unionist Party (DUP) still refuses to back the deal.

The deal (assuming it is approved by EU leaders tonight) will be subject to a vote in parliament on Saturday. The DUP’s opposition could be a deciding factor in whether or not it passes.

As Junker has stated that the UK won’t receive any further extensions, the pound could swiftly reverse the gains made over the past week if the deal is rejected.

However, if a deal is approved Sterling could test levels not seen since the EU referendum.

Whatever the outcome, our online service is available 24/7 so you can react immediately to any market movement.
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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