Pound to euro exchange rate: Brexit agreement raises GBP
The pound is trading against the euro at 1.1375 this morning according to the latest Bloomberg figures, this is a slight rise from yesterday’s rate of 1.1355. The pound to euro has seen a recent rise following a four-month lull after prolonged Brexit talks continued to divide UK and EU leaders. Laura Parsons, currency analyst for TorFX explained that this the GBP/EU rate this week is expecting to be “anything but dull”. The Bank of England (BoE) is expected to ‘hike’ interest rates in May, a decision that Laura explained may shoot the sterling higher still.
As she prediction, this week has already seen a lot of movement for the pound as the exchange rate continues to rise. Laura explained that after an interesting week in UK news, the GBP exchange rates “rally across the board”. After months of uncertainty surrounding the position of the UK after Brexit, an agreement looks as though it might have been met. “Sterling’s strength came from a positive reception to news of a draft UK-EU Brexit treaty, which indicated that both sides were in agreement on several major issues,” said Laura.
getty The withdrawal terms are looking to be “closer than ever”
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The UK and the EU are have agreed on a “large part” on the treaty
The UK and the EU are have agreed on a “large part” on the treaty that outlines the UK’s “orderly withdrawal” from the EU. After extensive talks in Brussels over the weekend, Mr Davis and Mr Barnier have agreed on blueprints for the 21-month "implementation period”. David Davis, Conservative MP said: "The deal we have struck should give us confidence that a good deal for the United Kingdom and the European Union is closer than ever before." Chief EU negotiator Michel Barnier went on to add: "We are not at the end of the road and there is a lot of work still to be done on important subjects."
getty Sterling’s rise follows a positive reception to news of a draft UK-EU Brexit treaty
Bloomberg The pound is trading against the euro at 1.1375 this morning