The British Pound Sterling is the best performing currency in G10 after Prime Minister May told delegates at the CBI’s 2016 conference that the Government was working to avoid a “cliff’s edge” Brexit transition.
Pound to Dollar exchange rate on Monday, November 21, was at 1.2486, up 1.06 percent Pound to Euro exchange rate today was 1.1769, up 0.90 percent. Euro to Pound Sterling exchange rate was at 0.8496.
The Prime Minister told delegates that she is aware of the uncertainty that Brexit has provided and negotiations cannot be concluded quickly but she also sees there are new opportunities to be had, particularly in the form of “new and dynamic” trade deals that can be made.
May implied she would look for a transitional deal for business after Brexit – which could explain the bounce in GBP/USD this morning.
The PM said she wanted to get “the arrangement that is going to work best for the UK and the arrangement that is going to work best for business in the UK”.
She added there were issues that need to be looked at and that she understood businesses did not want a cliff edge.
