Pound Sterling Exchange Rates Jump on Soft Brexit Possibilities

Pound to dollar exchange rate

It gained more than 1% to its highest level since 24 June 2016 and was trading at $1.3733 on Friday evening.

Sterling was up by more than a cent to reach almost $1.37 in today's trading, though it was hovering below €1.13.

The year-on-year core inflation rate (excluding food and energy prices) increased by 1.8% year-on-year in December, beating November's 1.7% print and the market expectations of 1.7%.

A surging pound often has been accompanied by a fall in the FTSE 100, which is sensitive to currency moves because many of its constituents earn in dollars, but it held on to gains this time and ended 0.2 per cent higher at 7,778.64.

Despite a busy and influential week for data next week, the biggest mover of GBP exchange rates will remain to be Brexit. Here finance experts reveal how to get the most for your travel money, take a look through the gallery.

Officials from the Spanish and Dutch finance ministries denied the report and said there was no new agreement between the countries on how Britain should leave the EU.

POUND GRAPH
LIVE The current exchange rate is $1.36717 to the pound

Sterling rose 1.76 cents against the dollar to $1.3712 after reports emerged that Spain and the Netherlands would push for a soft Brexit that ensures close ties between the European bloc and the UK.

Sterling has been pressured earlier this week by signs of continued divisions between the United Kingdom and EU over Brexit, amid reports that banks are beginning to enact their contingency plans to set up European headquarters to avoid losing access to the European market in the event of a so-called hard Brexit.

This did little to help the pound against Europe's single currency which was lifted by signs that the European Central Bank was preparing to unwind its huge monetary stimulus.

After slumping in 2016, the pound previous year had its best performance in a decade as Britain made some progress on negotiating its exit from the European Union and economic data came in better than expected.

The pound's weakness since the Brexit vote has had a major impact on the economy, because it has made the import of goods prices in euros and dollars more expensive.

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