• Contact
  • Privacy Policy
Blacksonrise.com
DONATE
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut
No Result
View All Result
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut
No Result
View All Result
Blacksonrise.com
No Result
View All Result

Sterling hits 2-1/2-month high on vaccine and Brexit deal optimism – SABC News

blacksonrise by blacksonrise
November 23, 2020
in Uncategorized
0
Sterling hits 2-1/2-month high on vaccine and Brexit deal optimism – SABC News
0
SHARES
148
VIEWS
Share on FacebookShare on Twitter

Sterling rallied on Monday, briefly touching a 2-1/2-month high, as more positive news about a potential COVID-19 vaccine propelled investors to buy riskier currencies and investors bet Britain and the European Union would clinch a Brexit trade deal.

London and Brussels this week continue their negotiations to agree a deal on their future trading relationship, though time is now running very short as Britain’s post-Brexit transition period ends in fewer than six weeks.

Without an agreement Britain would revert to trading with the EU on World Trade Organisation rules, an outcome both sides believe would prove highly disruptive for their economies.

Most investors believe a deal will be clinched, even if it is a bare-bones one that leaves some trade discussions for later.

News on Monday that AstraZeneca’s vaccine for the novel coronavirus could be around 90% effective added to the positive mood.

The British currency rose 0.8% to as high as $1.3396, its strongest since early September before the gains faded in late London trading. It last stood at $1.3304.

Against the euro it rose more than half a percent to 88.68 pence, a near two-week high.

Advertisements

“There is scope for a relief rally in GBP on news that a deal has been signed, though the failure of the UK and EU to agree a comprehensive deal will likely limit upside potential,” said Rabobank strategist Jane Foley, noting that a limited, “skeleton” trade deal had been priced in to the pound.

“Since the scenario described above is a consensus view, there is greater scope for volatility in EUR/GBP if a deal is not struck. This is still possible,” she added.

Ulrich Leuchtmann, an FX strategist at Commerzbank, said an extension to the Dec. 31 transition period end-date is now likely as the two sides run out of time to forge a deal.

“The FX market is seeing it as a GBP positive sign that the negotiations are being continued in December,” he said.

The widely watched flash purchasing managers index (PMI surveys for November came in better than expected, with the composite measure touching 47.4 against a forecast of 42.5. However, any reading below 50 still represents a contraction, and the latest lockdown measures are weighing on the economy.

In a busy week for the UK, Finance Minister Rishi Sunak will unveil his spending review on Wednesday. He vowed over the weekend that there would be no return to austerity, even as the coronavirus crisis pushes Britain’s debt further above 2 trillion pounds.

Credit: Source link

Previous Post

Anglican repentance challenge - Caribbean Life News

Next Post

In a capital’s Afro-Brazilian architecture, traces of a complex story

Next Post
Rugby League-NRL embarrassed after players flout lockdown with camping trip

In a capital’s Afro-Brazilian architecture, traces of a complex story

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

HOT Updates

No Content Available

BlackSonRise.com is an online news portal which aims to provide Caribbean News, African News, Business and much more stuff like that. Feel free to get in touch with us!

Follow us on social media:

Recent News

  • Eyewitness: Christmas Eve… | INews Guyana
  • UK stocks edge higher in muted holiday trading – SABC News
  • History repeats for NYCFC against Costa Rican debutant

Subscribe NOW

Loading
  • Contact
  • Privacy Policy

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

No Result
View All Result
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

USD $
  • USD USD $
  • EUR EUR €
  • GBP GBP £