Market update 15/10/19

Market update 15/10/19

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Pound hits five-month high against euro as Michel Barnier intimates deal is possible

Sterling has spiked again this afternoon against the Euro as negotiators are said to be closing in on a draft Brexit deal.

After a strong start to the week, the pound has made further gains in the last few hours as the UK delivered its updated proposal to the EU. Hopes over a Brexit deal have also given the pound a boost against the US dollar.
 
Sterling is also now at a three-year high against the Aussie and has reached a 12-month high against the Kiwi.

While the negotiations may need to be extended and there is currently talk of an emergency EU council being convened late in October, the pound is currently riding high on a fresh wave of optimism that the UK can reach a Brexit deal with the EU.

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