Pound Gains on Brexit Deal Hopes

The pound is leaving behind a two-week losing against the dollar Friday as hopes for a Brexit deal boost after Prime Minister Boris Johnson’s top aide was ousted ahead of “make or break” Brexit talks.

GBP/USD rose 0.52% to $1.3183.

Hopes for the reaching a deal were given a boost after the prime minister’s top advisor Dominic Cummings, confirmed he will leave his position, prompting some to suggest the UK is preparing to collapse on demands.

The EU Leaders’ summit on Nov. 19 is more likely to be used to make a compromise on sticking points including playing commitments, and access to UK fishing waters that have held up the progress till now.

The bright end to the week for the pound comes ahead of a busy week of data with inflation and retail sales on the calendar for next week.