Monday, 22 January, 2018

Spanish and Dutch Agree to Seek Soft Brexit Deal

BloombergPound to euro exchange rate Bloomberg data showed sterling opened on 1.1260 this morning BloombergPound to euro exchange rate Bloomberg data showed sterling opened on 1.1260 this morning
Conrad Doyle | 13 January, 2018, 05:26

The pound also climbed against the euro (GBP/EUR), reaching highs of 1.1291.

Sterling climbs to its highest level since the Brexit referendum on Friday. Today Bloomberg reported that Spanish and Dutch finance ministers are going to work closely in an attempt to obtain a Brexit deal that allows the United Kingdom to remain as close to the European Union as possible.

Spanish economy minister Luis de Guindos and his Dutch equivalent Wopke Hoekstra met throughout the week to discuss their Brexit positions as both nations became concerned about the potential impact from higher tariffs and the implications of any agreement for the European Union budget, Bloomberg reported.

"Reports of progress in Germany's coalition talks saw the dollar weaken this morning as the euro rallied to a three-year high, while the pound later jumped on reports that Spain and the Netherlands favour a soft Brexit". The pound held on to most of those gains. Sterling's rally came after news that European countries Spain and the Netherlands would be open to the United Kingdom having a softer Brexit. "I doubt it's as straightforward as that", he said.

Some traders expect Britain to secure a transition deal to leave the bloc soon, which could help lift sterling higher. Visit MarketWatch.com for more information on this news.

The FTSE 100.FTSE briefly fell into negative territory and touched its session low before rebounding and closing higher. Five-year gilt yields GB5YT=RR rose more than 6 basis points on the day to 0.885 percent, matching the post-Brexit vote high of 0.885 percent set on October 25.

It has not been this high versus the dollar since the result of the EU Referendum in June 2016, which sent the exchange rate plunging to $1.50 to the pound. Still, the rally was greeted with caution even by top sterling bulls, who said a more meaningful development is needed to maintain the currency's strength.

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