Brexit Updates: 7th – 11th October

During the week, there was doom and gloom surrounding the value of the pound because of various negative Brexit events. However, the pound hit its highest value in seven months on Thursday because of promising talks between the UK and Ireland.

Here are the key Brexit events that shaped the currency market:

  • There were concerns whether Britain can agree a deal at the European Summit, especially as the EU's response to Johnson's 'new and improved' proposal wasn't promising.
  • Downing Street source claimed Johnson spoke with the German Chancellor, they had a 'clarifying moment' and Brexit talks were on the brink of failure.
  • GBP gained on reports that the EU would offer concessions to the Irish backstop, but fell after the Northern Irish Party opposed concessions on any Brexit deal.
  • EU officials confirmed the report that Brussels was prepared to offer a mechanism for the Northern Ireland assembly to leave a new backstop was untrue.
  • On Thursday, the pound reached its highest value in 7 months, after the Irish Prime Minister and Boris Johnson agreed they could see a “pathway to a possible deal”.

Today (Friday) is a crucial day for the fate of the UK and whether a deal can be agreed in time for the 31st October Brexit deadline. Keep an eye on our Live Brexit Headline Ticker to keep track of what’s going on.

Got any questions about how these Brexit events have impacted your foregin exchange rates?

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