Monday, lifted by the positive progress in the ongoing Brexit deal, the British pound sterling ascended against the U.S. dollar and the euro. The pound rose to $1.3970 against the greenback, which was considered as the currency’s strongest since June 2016, which was 0.5% higher from its previous close and hovers near the $1.40 target.
Against the euro, the British pound sterling traded at 87.70 pence per euro, which was also half a percent higher from the pound’s previous settlement.
These positive changes of the British pound sterling were due to the positive progress of the ongoing Brexit deal, in accordance to this, Emmanuel Macron, the President of France claimed on Saturday that Britain is likely to have a deal with the trading block; which gave confidence and optimism on the Brexit’s development as this is one of Theresa May’s objectives.
However, London’s financial center is not likely to gain the same level of access to the European Union under the Prime Minister’s (Theresa May) current Brexit scheme; in which Lee Hardman, MUFG currency economist in London mentioned that they are used to this scenario and that any opening or hope are potentially perceived to be as essential and important than the repetition of this scenario from the past years.