{"id":2586,"date":"2016-12-01T04:43:14","date_gmt":"2016-12-01T04:43:14","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=2586"},"modified":"2016-12-02T04:46:51","modified_gmt":"2016-12-02T04:46:51","slug":"pound-jumps-amid-speculation-1-dec-2016","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/pound-jumps-amid-speculation-1-dec-2016\/","title":{"rendered":"Pound Jumps Amid Speculation – 1 Dec, 2016"},"content":{"rendered":"

The pound rose as investors seized on the prospect of the U.K.\u00a0retaining preferential access to the European Union\u2019s single market after Brexit.<\/p>\n

Sterling reached its strongest level in two months as Brexit Secretary David Davis said the U.K. would consider<\/a> making contributions to the EU in order to secure the best possible access to the single market. Dutch Finance Minister Jeroen Dijsselbloem told the Times of Malta that Britain might be able to participate in the internal market, albeit at a cost. The pound pared its gain later in the European day.<\/p>\n

The pound\u2019s advance is evidence of how sensitive the currency is to officials\u2019 comments about the nature of Britain\u2019s relationship with the EU once it quits the bloc. Sterling is the worst-performing major currency since the U.K.\u2019s June 23 referendum, dragged down by concern the nation is headed for a so-called hard exit where unfettered single-market membership is sacrificed for immigration controls.<\/p>\n

\u201cIf the U.K. does stay in the single market, it\u2019s very likely that sterling will go up,\u201d said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London. The comments \u201cvery much shift the pendulum away from hard to soft Brexit. Embedded within a soft Brexit is access to the single market one way or another.\u201d<\/p>\n

The pound climbed 0.5 percent to $1.2572 as of 4:40 p.m. London time, having reached the strongest level since Oct. 6. It\u2019s down 16 percent since the EU vote. It appreciated 0.2 percent to 84.52 pence per euro.<\/p>\n

The FTSE 100 Index of shares, which is dominated by companies that sell goods abroad and benefit from a weaker currency, fell 0.5 percent. U.K. government bonds declined with their euro-zone peers, pushing the 10-year gilt yield six basis points higher to 1.48 percent.<\/p>\n

Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"

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