Pound Dips on Irish Border Uncertainty – 1 October, 2018

The pound gained against the dollar after a Bloomberg report suggested the UK government was proposing an Irish border issue compromise but gave up those gains by as much as 0.7 percent. Sterling hit a high of $1.3116 last night before settling at $1.3031. Against the euro, the pound was 0.3 percent stronger rising from yesterdays 88.58pence to 88.76 pence. Strategist said Theresa May hinted about a plan to avoid a harder border with Ireland and reach a compromise which initially caused Sterling to weaken due to a lack of clarity on the Brexit offer and a continuous Irish border issue.