© Reuters. Sterling strengthens amid fresh Brexit optimism
Investing.com – The pound reversed earlier losses on Tuesday amid fresh optimism over Brexit, following a report that the European Parliament is drawing up a plan to give Britain “privileged” access to the single market.
was trading at 1.4002 by 05:12 AM ET (10:12 AM GMT), up from an earlier low of 1.3931.
The pound was boosted after a report in Business Insider saying that the European Parliament is preparing a “detailed,” 60-paragraph resolution which will call for more flexibility in future relationship talks with Britain.
The parliament wants the European Union to negotiate an ‘association agreement’ which could give Britain “privileged” single market access and membership of EU agencies.
The resolution marks a break from the position of the EU’s chief Brexit negotiator.
The report helped ease some concerns over the prospect of a hard Brexit.
The euro fell to the day’s lows against sterling following the report, with losing 0.55% to trade at 0.8813 from around 0.8870 earlier.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Dollar at 1-Month Lows as Fed, Trade Concerns Weigh - March 22, 2018
- Forex – Sterling Trims Gains as BoE Holds in Split Decision - March 22, 2018
- Dollar, shares buffeted by trade war worries - March 22, 2018