Sterling rises on Irish border hopes, weak dollar before EU summit
Monday, 17 September 2018 23:13 WIB | CURRENCIES |poundSterling,Poundsterling

The pound on Monday hit a six-week high, helped by a weaker dollar and reports of progress on the Irish border question, an obstacle to Brexit diplomats will try to overcome this week at a European Union summit.

The United Kingdom is due to leave the EU on March 29 but no full exit agreement has been reached and some rebels in Prime Minister Theresa May™s Conservative Party have threatened to vote down a deal if she clinches one.

But sterling has benefited recently from reports on behind-the-scenes efforts to work out how to manage the Irish border if Britain also leaves the single market and customs union.

Sterling on Monday traded up 0.6 percent at $1.3157, its highest since August. It was flat against the euro at 88.91 pence..

The pound has reversed nearly all its losses against the dollar in August, when fears of a no-deal Brexit surged and last week it gained 1.2 percent.

Source: Reuters

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