Pound soars amid hopes of a Brexit deal

Pound soars amid hopes of a Brexit deal”

If a final Brexit settlement figure can be agreed by the middle of December then it may allow the United Kingdom and European Union to swiftly move on to the next phase of Brexit talks, which should include the important trade discussions.

A deal on the Northern Ireland-Irish border - a key part of Brexit talks which were hoping to see a breakthrough next month - has become trickier as the Irish government has been pushed to the brink of collapse.

Traders leapt on the signs of further progress in Brexit negotiations, following yesterday's sterling rally on reports the Brexit "divorce bill" was set to be agreed.

Sterling rose by almost a cent to just under $1.35 in overnight trading, building on strong gains made a day earlier that had taken it to the highest level since September.

Irish Minister for Foreign Affairs and Trade Simon Coveney has called upon the UK to guarantee there will be no regulatory disparities between Northern Ireland and the Republic of Ireland after Brexit. Virginia Mayo EPA

'If such progress is made, expect the United Kingdom and the EU to move negotiations on to potential transitional arrangements and post-Brexit trade at the 14-15 December EU Summit'.

The Times also reported on Thursday that the United Kingdom was close to a deal concerning the border with Northern Ireland and the Republic of Ireland.

GBP CAD Forecast: Canadian GDP to Slow?

Following the news Sterling made gains against all the major currencies, rising against the Euro, US Dollar, Australian Dollar, the New Zealand Dollar and the South African Rand. Looking ahead the GBP CAD exchange rate may continue to surge in the second half on the week as Canada publishes its latest GDP figures, with economists forecasting that domestic growth will have slowed significantly in the third quarter. The GBP/EUR rate reached a high of 1.1315, while the GBP/USD exchange rates and the GBP/AUD rates climbed to 1.3430 and 1.7695 respectively.

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