Sterling in demand as Brexit bill agreed
Sterling rose yesterday as news filtered through that an agreement had been reached on the contentious subject of how much the UK should pay to leave the EU. The details are less than clear, presumably to avoid weakening UK PM Theresa May’s precarious position even further, with many critical of the pursuit of a bad deal in preference to no deal at all. Whilst many will welcome some sort of deal, it has been irrefutably clear that the position of the EU has been one of imposing a punitive figure to discourage any other EU members from jumping ship. Markets dislike uncertainty and this has at least been removed for the foreseeable future, assuming the EU don’t move the goalposts (or indeed, the location of the pitch), at a later date.