Sterling revives on hopes of a UK-EU trade and services deal

BOE's new forecast that UK economic slump will be less severe than expected also contributes to pound's rise

Published Fri, Aug 7, 2020 · 09:50 PM

London

THE British pound has risen sharply since the beginning of July, mainly on hopes of a steeper revival and that there will be a Brexit trade and services deal with the European Union (EU).

Some negative politicians and media are worried that there would not be a deal as the UK government will not bend to all EU wishes for fair competition on a "level playing field" and EU fishing rights in British waters.

Foreign exchange traders disagree with the pessimism and have pushed up st…