The pound soared yesterday with the news of a draft agreement being made regarding the future relations between the UK and EU post-Brexit.
Theresa May stated that the agreement was “right for the whole of the UK” and there was seeming good news for fishermen with the assertion that British fishing rights had been protected.
This is despite the EU’s stated desire for “existing reciprocal access to fishing waters and resources [to] be maintained”.
Meanwhile, the European Central Bank’s (ECB) Monetary Policy Meeting accounts yesterday revealed the bank was still on track to wind up its colossal bond buying programme by the end of the year.
POUND LIVE: LATEST GBP MOVEMENT HERE
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The latest set of Markit PMIs for the eurozone revealed a sharp decline in Eurozone private sector activity.
The figures revealed a slump to their lowest levels since the end of 2014, with the Eurozone composite PMI dropping to 52.4 in November from last month’s 53.1.
Adding to the bad news, Germany’s Q3 GDP revealed that the European powerhouse economy contracted by -0.2 per cent, falling from a 0.5 per cent expansion in the previous quarter.
The push back from Sterling was aided by news emerging this morning that the tensions between Spain and the UK over Gibraltar seemed to be easing, with Spain’s threat to veto Brexit seemingly diminishing.
Fabian Picardo, Chief Minister of Gibraltar, told BBC radio: “We’ve worked very hard and have in fact reached agreement with Spanish colleagues in respect of Gibraltar’s role in the withdrawal process […] in good faith, we’ve worked together and we’ve delivered.”
Looking ahead to Sunday, EU leaders will meet and potentially sign off on the Brexit agreement and political declaration, which then leaves Mrs May to face Parliament and get MPs to back the deal.
Any positive progress at the summit will likely give the pound euro pairing a boost on Monday morning when markets reopen.