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Pound hits 3-1/2 month high vs euro on fresh Brexit deal hopes

Wednesday,   10-Oct-2018   02:30 PM (IST)

Sterling hit a new 3-1/2 month high versus the euro and added to recent gains against the dollar on Wednesday on optimism that Britain and the European Union can agree a Brexit deal soon.The pound was also bid higher ahead of British economic growth figures, with analysts polled by Reuters forecasting the data will show the UK economy expanded 1.6 percent in August from a year earlier.Britain’s ITV News reported late on Tuesday that the two sides had made progress in negotiations over an Irish border backstop, a key hurdle in reaching a Brexit deal.The Times newspaper also reported that around 30 to 40 lawmakers from the opposition Labour Party would be prepared to back a Brexit deal that British Prime Minister Theresa May is trying to strike with the EU.The pound rose 0.2 percent versus the euro to as strong as 87.23 pence per euro.Against the dollar sterling firmed 0.3 percent to as high as $1.3186, its strongest level since Sept. 26, before easing back to around $1.3158.