Sterling holds near new highs as Brexit talks restart

Sterling holds near new highs as Brexit talks restart

22 Oct 2020 02:11 PM

The pound slipped slightly on Thursday, but held close to six-week highs it touched on the previous day after news that stalled Brexit negotiations were due to resume.

Sterling rose by as much as 1.7% versus the dollar on Wednesday after the European Union's chief negotiator Michel Barnier said that an EU-UK deal was "within reach", extending gains on news that trade talks would restart after halting abruptly last week.

At 01:26 PM on Thursday the pound, which reached as high as $1.3177 on Wednesday, was at $1.3136, down around 0.1% on the day.

Versus the euro, it was little changed at 90.33 pence per euro, having strengthened to as much as 90.115 pence per euro in the previous session.

Britain's finance minister is due to unveil later on Thursday more support for business and workers hit by the pandemic.

Intensified trade talks between Britain and the EU will resume on Thursday afternoon.