Brexit: Pound Gains on Report UK, EU Agree on Irish Border

  • Brexit: Pound Gains on Report UK, EU Agree on Irish Border

British Pound gained against counterparts on Tuesday after a report that the European Union and the United Kingdom has reached an agreement on Irish border became public.

The pound rose above $1.30 and climbed to a seven-month high against the Euro single currency after the report.

The currency was already trading at $1.2950 before the report, then jumped half a cent to $1.3010 after the report. The embattled currency has since pulled back to $1.2954 to half its 1.2 percent gain for the day.

Also, the job report released on Tuesday boosted pound attractiveness as wage growth rose from 2.8 percent to 3 percent in the third quarter.

While the unemployment rate climbed to 4.1 percent in the quarter, the number of employed people rose by 23,000 during the period. Indicating rising population, according to Office for National Statistics.

Overall, it was a positive economic report altogether, however, the uncertainty remained going forward because of the division between UK lawmakers and global happenings.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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