The pound to dollar exchange rate hit a five-month high today. At the time of writing, it had risen to $1.3005, according to Bloomberg. Michael Brown, Senior Analyst at Caxton commented: “Sterling has risen above the key $1.30 level this morning for the first time since May, as optimism that a Brexit deal will pass in the Commons continues to build. The numbers now appear to be present for a ‘meaningful vote’ on the new Brexit deal to succeed, however it remains unclear whether Speaker Bercow will permit such a vote to take place.
“Should a vote not take place, attention will shift towards tomorrow’s vote on the 2nd reading of the Withdrawal Agreement Bill – the legislation that implements the deal in the UK.
“Such a vote, if passed unamended, would pave the way towards an orderly Brexit, and should see the pound continue to press higher.”