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You are here: Home / British Sterling / Sterling rallies on speculation a deal with the UK is on the horizon

Sterling rallies on speculation a deal with the UK is on the horizon

December 7, 2017 by Dayle Littlejohn

Sterling rallies on speculation a deal with the UK is on the horizon

This week, sterling exchange rates have fluctuated considerably due to the on-going Brexit negotiations. Earlier in the week rumours emerged within the market that UK Prime Minister Theresa May was close to securing EU citizens’ rights, the settlement figure for the “divorce” bill and the Irish border. The Pound made considerable gains against all of the G10 currencies. However, the gains were short lived as the Democratic Unionist Party (DUP) stopped Theresa May in her tracks, as they were unhappy that the Prime Minister was happy to offer the EU a different border control for Northern Ireland compared to the rest of the UK.

Throughout today’s trading session the Pound has made further gains against all of the G10 currencies, as speculation is rising that a decision is on the horizon and of course it’s going to positive for the UK and the Pound. Reports have emerged today that Theresa May’s Friday deadline has now been extended to Sunday in a bid to provide the Prime Minister more time to iron out the problems with the DUP and settle any dispute regarding the Irish border.

Looking ahead for sterling exchange rates, I believe Monday will be an extremely volatile day for GBP rates. Theresa May will release a statement outlining if the UK government and the DUP have come to an agreement and this should give us some direction for the decision that will be made by the EU ambassadors at the EU summit next week, on the 14th and 15th of December. I’m certainly optimistic that a deal is going to be reached between the Conservatives and the DUP which will result in the EU allowing Brexit trade negotiations to take place in early 2018, therefore I expect sterling to continue to strengthen against all of the G10 currencies next week.

Filed Under: British Sterling Tagged With: Brexit, Brexit negotiations, Pound strength

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