Oct 14, 2019

Hope for Brexit deal pushes pound to 3-month high

Dion Rabouin, author of Markets
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Data: Investing.com; Chart: Axios Visuals

British politicians, including Prime Minister Boris Johnson, are urging caution on optimism for a possible Brexit deal between the U.K. and EU and say there remains "significant" work to be done, but investors have thrown caution to the wind and bet big on the British pound.

Why it matters: The pound surged to its highest against the dollar since July on Friday, jumping nearly 2%. That followed a similar 1% jump on Thursday, marking sterling's biggest 2-day gain since before the June 2016 vote to leave the EU.

  • The currency has risen steadily against the dollar since sinking below $1.20 in early September, its lowest level since 1985.

Go deeper: EU President Donald Tusk scolds Britain's Boris Johnson on Brexit

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