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Pound Surges as Hopes of Brexit Deal Rise

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The value of the British pound rose by slightly more than 0.8 percent against the US dollar on Wednesday, after the European Union signaled that a trade agreement with Great Britain is still possible.

Despite the difficulties we have faced, an agreement is at hand if both sides are willing to work constructively, if they are willing to compromise and if we are able to move forward in the next few days on the basis of legal texts and if we are ready in the coming days to let’s solve obstacles and the most difficult topics “, said the chief negotiator of the EU in the European Parliament, Michel Barnier (Michel Barnier), CNBC reports.

His comment gave traders some optimism that a trade agreement would be reached between the UK and the EU, although months of negotiations stalled on several issues. British Prime Minister Boris Johnson warned exporters on Friday to prepare for Brexit without a deal.

British officials expressed disappointment last week as European leaders called on London to “take the necessary steps to secure an agreement“, and a British government spokesman told European negotiators they would not have to travel to the UK to continue talks unless the EU changed its negotiations strategy.

London expected Brussels to regulate relations in the “Canadian style”, but after the failed negotiations last week in Brussels, the “Australian style” is mentioned as an alternative, which means restrictions in future trade.

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