The Pound is trading at its best level to buy US Dollars since the middle of October as it appears as though the tone of Brexit is softening at the moment.
After taking a very long time to break past 1.30 again the Pound vs the US Dollar has managed to sustain these levels partially helped by the problems caused by the US government shutdown.
It was announced that this is now over but according to the US Congressional Budget Office the 5 week shutdown has cost the US economy approximately US$11bn.
Clearly now that the shutdown has finished this is good news for the US but not necessarily for the US Dollar which has been under pressure caused by the uncertainty.
Turning the focus back towards what is happening in the UK we are just one day away from potentially another huge vote in the House of Commons. There are a number of amendments due to be voted on tomorrow night but there is no evidence that they will all be passed.
One key sticking point is the Irish backstop issue and if this can be amended this may swing a few votes in favour of the new Brexit deal on offer.
There is a total of 15 amendments due to be made during the discussions tomorrow so we could see a lot of volatility on GBPUSD exchange rates so make sure you’re well prepared for what could be a very busy next 24 hours.
As far as I’m concerned I cannot see MPs massively changing their minds in favour of trying to get a Brexit deal through and as the tone moves towards either a soft Brexit or even a second referendum then I think this will help improve the value of the Pound against the US Dollar.
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