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The pound is up today against the US dollar and the euro after reports that the UK and the EU are on the brink of a Brexit trade deal.
The pound was up two cents against the US dollar to just over $ 1.36 around 10:30 am on Thursday, and was up one cent against the euro to just over 1.11 euros.
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Since then, it has dropped slightly to $ 1.35 and € 1.11, as an expected direction from the prime minister has been delayed since this morning.
The FTSE 100 also ended the day, as operations were stopped early at 12:30 pm before the Christmas holidays.
It was up 0.3% shortly after 8am, up 3% from the start of the week, but earnings fell to 0.1% this afternoon.
Sterling was hit earlier this week when countries around the world imposed travel bans against the UK out of fear of a mutant strain of coronavirus.
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The imposition of stricter Covid restrictions in London and parts of south-east England over the weekend also played a role.
On Monday, the British pound plummeted to $ 1.32 against the US dollar and 1.08 euros against the euro after Christmas was canceled by the millions.
On December 17, the pound peaked at $ 1.35 and € 1.11.
MUG strategist Lee Hardman said yesterday: “The market anticipates a deal will be agreed in the next few days,” adding that the British pound could strengthen to $ 1.36 / $ 1.37, Sky News reports.
However, he said traders would be interested in seeing the details of any deal, given that the specifics of a deal are likely only to be worked out in 2021.
He added: “The best scenario for the pound would be if we also see details released from the EU and UK side along with the deal to try to reduce the initial disruption when we switch to a new trade deal.”
Officials on both sides hope that an agreement has been announced this morning as talks on a compromise on fisheries accelerated.
EU officials have told member states to prepare for a meeting this morning if a deal is signed, raising hopes for a deal in a matter of hours.
A UK source said last night: “There is still no white smoke, but today they showed up with matches.”
Another source added: “We are not far away.”
Eurasia Group Managing Director Mujtaba Rahman told clients: “In the process, the commission is very keen to reach an agreement by tomorrow night at the latest as it fears that it will be difficult to even provisionally apply an agreement by January 1 “.
But British retailers are less sure of their future.
Helen Dickinson, executive director of the British Retail Consortium, said: “The light at the end of the tunnel seems further away than ever and many retailers, who are losing billions in sales with each passing week, will struggle under the new wave of closures.”
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He added: “The industry would prefer to negotiate its path to recovery, but now this has been restricted by the extended Level 4 restrictions.
“The time to discuss future trade rate relief is over, now it is imperative.
“The government must announce specific relief beyond April for those retailers that are suffering the impact of repeat closings, or else it must be prepared for more store closings and job losses in the New Year.”
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