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Sterling trades at six-month high against euro after Brexit deal

The British and European Union flags yesterday outside EU headquarters in Brussels
Kalyeena Makortoff and Ravender Sembhy

STERLING traded at six-month highs against the euro as investors celebrated news of a Brexit talks breakthrough in Brussels.

The pound was up nearly 0.3 per cent versus the eurozone currency to around 1.148, hitting its highest level since June 7 when it pushes through 1.15.

Its gains against the US dollar were relatively subdued, up 0.1 per cent at 1.348.

Lukman Otunuga, a research analyst at forex broker FXTM, said: "An agreement between the United Kingdom and Ireland on the post-Brexit Irish land border is likely to come as a breath of fresh air for sterling, as a major obstacle for opening trade talks with the EU will be eliminated."

But Connor Campbell, a financial analyst at SpreadEx, said market excitement will likely be short-lived.

"Though inarguably pretty damn healthy, this early growth does suggest a level of reticence from investors, who appear to be taking on board [European Council president] Donald Tusk's warning that the real hard part – ie the forging of a new relationship between the UK and EU – is still to come."

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