NEWS： Optimism about the British withdrawal agreement
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The pound jumped to its highest level against the dollar since mid May on Tuesday after reports that officials from the UK and the European Union were close to reaching a deal to leave Europe.
British and European Union negotiators hope to reach an agreement by midnight Tuesday, Bloomberg News reported. But two European Union officials told Reuters that any discussion about the upcoming agreement on a draft text was "premature."
The pound, which has gained strength in the day, has risen above its 200 day moving average for the first time since May, a highly watched technical level. In late New York trading, the pound surged 1.35% to $1.278, after hitting a five-month high of $1.280.
Morten Lund, senior foreign exchange strategist at nordea, said: "the market reaction shows that they want to reach an agreement, and they are ready to press the button once there is any sign that an agreement will be reached."
The pound also hit a five-month high against the euro, rising 1.34% to 0.863 in late trading. The dollar index fell 0.15% to 98.309.
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