Since Brexit vote, Pound registers greatest level

Published: Wilson Clark

On: Feb 2018

Reportedly, sterling has registered highest level against the American dollar since the Brexit vote. The rise to over $1.37 observed after Bloomberg reported that the finance ministers of the Spanish and Dutch had positively agreed to acquire a Brexit deal which kept the United Kingdom as close to the EU as possible.

Both the nations denied this report, but the currency continued to increase. Since 24th of June 2016, it was increased more than 1% to its largest level and it was trading at $1.3733.

Pound hits highest level after Brexit vote

Before the result of the referendum became clear, the currency had been trading at nearly $1.50. Analysts even revealed that the slowdown of the dollar had also boosted the currency level.

The Connor Campbell of Spreadex told that “Last Friday, the dollar was lower in the dumps, while the currency declining its path in the positive political updates

"The dollar was really down in the dumps this Friday, the currency losing its way in the face of positive political updates from the Eurozone and the UK, and a disappointing afternoon of US data," said Connor Campbell.

Neil Jones, Mizuho analyst said that, “Due to two of the 27 members stated that, it doesn’t mean a smooth Brexit will happen, but I doubt that its really as straightforward as that.”

"Just because two of the 27 members say this, it doesn't mean a softer Brexit will happen. I doubt it's as straightforward as that," he said.

Neil Wilson told that, “We also have positive language across financial services as well as the prospect Britain paying for the access of the market.”

The pound was 0.2% greater against the euro at €1.12810 just after the single currency surge a 3 year higher against the dollar following the expectations that the chancellor Angela Merkel would be able to generate government of coalition in the Germany.