The Great Britain pound recovered a bit today following the big slump on Friday. The main driver for the currency was Brexit news.
On Friday, the sterling demonstrated a sharp drop after the trade negotiations between the United Kingdom and the European Union hit an impasse. Yet the currency recovered today after Brexit Secretary Dominic Raab voiced confidence that a trade deal will be reached:
We keep on negotiating in good faith, we try and get the best deal we can, but we are ready for all eventualities. We’ll keep negotiating in good faith, I’m confident we’ll get there.
Market analysts were skeptical, though, saying that the pound will likely not be able to keep today’s gains for long.
GBP/USD rose from 1.3074 to 1.3124 as of 10:40 GMT today. GBP/JPY climbed from 146.98 to 147.84.
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