- Posted by currencies in Rate Alerts
- November 6, 2018
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Sterling rose a quarter of a percent this morning as hopes grew for a Brexit deal breakthrough, encouraging investors to buy the British currency with the struggling dollar also fuelling gains.
The European Union is preparing to back a compromise proposal on the Irish border to resolve the last major hurdle in Brexit negotiations, according to reports.
Hopes of a deal have lifted the pound in recent days with the British currency rising 3 percent versus the dollar this month.
Trade minister Liam Fox said that it was “impossible” for him to say if a Brexit deal can be reached with the European Union this month or next, but he added Britain wants an agreement.
Speaking at a trade fair in Shanghai, Fox said it was more important to get the right agreement than the quickest agreement.
With just five months until Britain is due to leave the EU, Prime Minister Theresa May has yet to nail down a deal.