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Newsflash: Pound surges to 3-week high, Merkel confident backstop solution can be found

currency-newsNewsflash: Pound surges to 3-week high, Merkel confident backstop solution can be found
The pound shot higher on Thursday, breaking through key resistance levels against both the euro and US dollar on hopes the UK and EU may still be able to reach a Brexit deal by October 31st.

Key rate movements
  • GBP/EUR up almost 1%
  • GBP/USD at three-week high.

UK PM Boris Johnson has been in Europe this week, speaking with German Chancellor Angela Merkel and French President Emmanuel Macron in an effort to persuade them to ditch the controversial Irish backstop.

While neither leader was willing to give in to Johnson’s demand for the backstop to be scrapped, they both agreed to give the UK 30 days to provide ‘visibility’ on an alternative solution.

Brexit – What have EU leaders said this week?
  • Angela Merkel – ‘I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31.’
  • Emmanuel Macron – ‘We should all together be able to find something smart within 30 days if there is goodwill on both sides.’
  • Boris Johnson – ‘I think we can get a deal and a good deal. I know that with energy and creativity and application we can find a way forward for all our businesses and our citizens.’

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Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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