06 September, 2018
The sterling regains positions against the US dollar in the second half of the week. The sterling to US dollar exchange rate stands at 1.2934 now. The sterling showed untraditional very active midweek. After about 6 days of selloffs, the currency enjoyed buying and jumped by almost 2 figures. Such market development can be explained by the statements of Theresa May, as she expressed a firm stance to prevent the second Brexit-related referendum. In addition, the UK Prime minister reportedly said that the trade deal between the UK and EU seemed quite real, as the market expert noted.
As a result, insiders breathed easy. The Brexit is in the spotlight of the sterling fans, thus the situation changes sharply following any reports on this matter.
Besides, Germany is said to agree to go back on some trade requirements that were stated during the talks. In particular, the officials are believed to make this move to let talks progress further, which is definitely a good sign, since Germany can probably influence other EU representatives around the table. Still, afterwards Germany's press secretary stated that Germany has not changed its relation to the Brexit, so the local reports might not receive a special touch.