Sterling holds gains near five-month top on Brexit deal, but hurdles remain
Friday, 18 October 2019 07:48 WIB | CURRENCIES |GBP/USDpound EuroCurrency

The British pound traded near a five-month high against the dollar and the euro after British Prime Minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc.

Sterling's gains on the dollar helped push the greenback to a five-month low versus the euro and a three-week low against the Swiss franc.

The yuan held steady against the dollar in offshore trade before the release of China's GDP data. Economists have forecast the economy will grow at the weakest pace in more than 27 years in the third quarter due to a costly trade war with the United States.

The pound traded at $1.2870 in Asia on Friday, close to a five-month high of $1.2988 reached on Thursday after EU leaders unanimously backed the new Brexit deal with Britain.

Against the euro, sterling traded at 86.42 pence, near a five-month high of 85.77 pence.

Britain's new Brexit deal has a œdecent chance of clearing parliament on Saturday, finance minister Sajid Javid said, but some investors are wary because debate so far on Brexit has been fractious and difficult to predict.

Source : Reuters

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