UK and EU Reach Brexit Deal – Sterling Soars!
The UK and the EU have reached a Brexit deal; it is still unsure if it can succeed in parliament, mainly due to the status of the DUP. This, joined with GBP previously trading with a premium against EUR, implies a limited buying in the GBP from here. But we can infer that the odds of a hard Brexit have declined, and so has the downside to GBP.
While the release of the EU-UK withdrawal deal is big news for the pound, the critical hurdle of the contract being signed in the UK parliament continues.
With the Democratic Unionist Party stating that its stance towards the proposed settlement remains constant (that is no support for the deal), there is a high chance that the administration won’t have the majority for the agreement in the UK Parliament. Overall, the Sterling remains supported on positive news.
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