Sterling Jumps With Brexit Optimism – 1 November, 2018

Sterling jumped on reports that London and Brussels are close to closing a financial deal and the Bank of England hinted that a smoother Brexit could move interest rates to rise faster. The pound jumped half a point against the euro as investors learned a major concern was settled in giving UK financial institutions access to the EU, services that contribute greatly to Britain’s economy. Sterling rose to $1.2954, trading up 1.4 percent, the second biggest daily rise for the pound this year. Against the euro, the pound rose just under half a percent to 88.27 pence. A dip in the U.S. dollar also helped push sterling forward.