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Sterling rallies on news of positive post-Brexit agreement

Now that the principles of the EU-UK relationship have been finalised, the Brexit treaty will now largely depend on respective parliamentary votes.

Sterling rallies on news of positive post-Brexit agreement

The Pound rallied by more than 1 per cent against the US Dollar yesterday, 22 November, following an announcement the European Union and UK agreed the basis for a post-Brexit relationship. Now UK Prime Minister Theresa May’s Brexit deal is facing the 27 EU member states that will meet this weekend in Brussels.

Once discussed and agreed by the EU leaders, the agreement must be passed by the UK Parliament to become law. The Parliament will vote on two things: the terms of the exit deal and the future EU-UK relationship, or a “new deal”.

Meanwhile, despite the ongoing tit-for-tat US-Chinese trade war, US President Donald Trump says he is “very prepared” for his meeting with his Chinese counterpart Xi Jinping, adding China wants to agree a deal “very badly”. It comes at a time when the US S&P 500 stock market index continued to sell off and is now down by more than 10 per cent from its all-time high of 2,944.75.

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