Tue. Sep 22nd, 2020

Pound hits seven-month high; trade deal hopes lift markets – business

Rolling coverage of the latest economic and financial news

Earlier:

2.04pm GMT

Back on trade…. Donald Trump has told reporters in London that talks with China are going “very well”.

During a press event with German chancellor Angela Merkel, Trump said:

Discussions are going very well, and we’ll see what happens.

Related: Trump describes Trudeau as ‘two-faced’ over Nato hot-mic video

1.42pm GMT

Boom! Sterling has now hit its highest level against the euro since May 2017.

General election speculation has driven the pound up to €1.182 against the single currency, a 31-month high.

The pound is now trading at its highest level in over two-years off the back of more election rumours and polls, showing once again how it is at the mercy of British politics. As it stands the pound is at 1.18 against the euro which we haven’t seen since May 2017.”

“However, the outcome of next week’s general election will not spell the end of the pound’s rocky journey as the future of the UK’s relationship with the EU remains uncertain. We’ve seen in the run-up to past elections that the pound has had a turbulent time, and with more than just a new Prime Minister at stake we shouldn’t get used to these kinds of rates just yet.”

Continue reading…Rolling coverage of the latest economic and financial news1.30pm: Sterling rallies towards $1.31Pound rallies as Conservatives hold leadUBS: Election is Johnson’s to lose (and there’s still time!)Trade war: insiders say Trump was too gloomyEarlier:UK economy stumbles in NovemberIntro: Trump rhetoric worries marketsHong Kong: worst month since SARS 2.04pm GMTBack on trade…. Donald Trump has told reporters in London that talks with China are going “very well”.During a press event with German chancellor Angela Merkel, Trump said:Discussions are going very well, and we’ll see what happens. Related: Trump describes Trudeau as ‘two-faced’ over Nato hot-mic video 1.42pm GMTBoom! Sterling has now hit its highest level against the euro since May 2017.General election speculation has driven the pound up to €1.182 against the single currency, a 31-month high.“The pound is now trading at its highest level in over two-years off the back of more election rumours and polls, showing once again how it is at the mercy of British politics. As it stands the pound is at 1.18 against the euro which we haven’t seen since May 2017.” “However, the outcome of next week’s general election will not spell the end of the pound’s rocky journey as the future of the UK’s relationship with the EU remains uncertain. We’ve seen in the run-up to past elections that the pound has had a turbulent time, and with more than just a new Prime Minister at stake we shouldn’t get used to these kinds of rates just yet.” Continue reading…