Foreign Exchange Daily Market Update 26/11/18

Mon, November 26, 2018

Sterling rises slightly after EU leaders sign off on Brexit deal.

Sterling rose after European leaders approved Britain’s Brexit divorce terms at a special summit yesterday in Brussels.

The EU approved the deal as expected but warned UK politicians they won’t get a better agreement if they reject it. That may weigh down any sterling gains, given that Theresa May needs to get the deal through Parliament and is facing calls to change it from both her own party and the opposition.

Sterling gained 0.2% to $1.2839 overnight. The pound has made little headway this month, despite the Brexit deal being agreed, after the resignation of some of May’s ministers made it clear how much lawmakers oppose to the deal. GBP traded 1.13 against the Euro.

The vote in the House of Commons should take place between Dec. 10-11. Approval by lawmakers could drive the pound up above $1.35, while rejection could send it toward $1.20.

Data to look out today.   

14:00 EUR Draghi speaks in European parliament in Brussels.

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