UK Currency Looks More Optimistic

The UK currency rallied yesterday after the European Union’s chief negotiator spoke to the press. Michel Barnier’s statement signaled Brexit optimism as the EU team worked hard to deliver an agreement.

According to the French official, a deal is still possible to achieve even with just half a month before the divorce.

Barnier has repeatedly emphasized the gap between the United Kingdom’s rhetoric and legal solutions. The 68-year-old official said that the deal must be beneficial to both sides, not just one’s agendas.

The rather upbeat statement boosted the UK currency throughout yesterday’s forex sessions.

Also, rumors are floating around that the EU will have a last-minute meeting on October 31st, hours before Brexit. The news is yet to be confirmed.

Still, all of this brought hope for a softer Brexit.

Last week, the EU and the UK seemingly came closer to a resolution to their long-standing differences.  This is after the British Prime Minister agreed that there couldn’t be a customs regulator in Ireland.

That resulted in both sides entering a so-called “tunnel” discussion in Brussels, Belgium.

Yesterday, Dutch Foreign Affairs Minister Stef Block also gave a positive remark to the press before the Luxemburg meeting with Barnier. According to Block, there is still time to avoid a no

The Pound’s Rally

Yesterday, the UK currency and its contract went up in sessions following the Brexit related news. British pound futures rallied 0.48% or 0.0061 points in Tuesday’s trading.

Meanwhile, the EUR to GBP exchange rate fell 0.45% or 0.0040 points in yesterday’s trading. The pair hit ranges between £0.8691 and £0.8751 during the session.

The USD to GBP trading pair also went up as the UK currency pushed the weakening greenback on the edge. The pair rose 0.25% or 0.0032 points and has fluctuated from $1.2603 to $1.2697 yesterday.

The GBP to CHF pair also rallied by 0.35% or 0.0044 points and has reached levels from Fr1.2565 to Fr1.2667 yesterday.