The Pound has had a mixed end to the week against the Euro dropping to the 1.11 levels before ending the week in the mid 1.12s on the Interbank level.
The single currency is now trading at a 3 year high vs the US Dollar and this strength has carried on vs the Pound as well.
News from Germany is that the coalition talks have gone very well and this has supported the Euro but we have not seen huge moves in favour of the single currency vs the Pound as investors appear to be waiting to see how the Brexit talks will go when they resume in a few weeks time.
At the end of the week, it has been reported that both the Spanish and Dutch finance ministers have agreed to try and aim for a Brexit deal that will keep the UK very close to the European Union. This is one of the likely reasons why the Pound has maintained its level against the single currency as the Pound has rallied to its highest level to buy US Dollars since before the EU referendum in 2016.
Although the reports are that it’s just two of the 27 members who have proposed this happens it goes to show that things are looking a little more positive on the subject of Brexit compared to early December.
Also, during the course of the week Bank of England Deputy Governor Ben Broadbent suggested that an interest rate hike may be coming in the future and this has supported Sterling.
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