Brexit Gridlock Puts Pound In Headlock

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Wednesday, 21st August: Pressure on the pound on Wednesday caused the blue-chip index to reverse all of the damage which was inflicted upon it on Tuesday as a result of political tensions. Sterling fell against the dollar and euro today as Brexit continued to dominate the news, as France threatened a £39 billion bill if the UK was to leave the EU without a deal. In addition to this, Boris Johnson’s demands for the Irish backstop demand to be removed from the withdrawal agreement was rejected. All in all, similarly to when Theresa May was in charge, little progress has been made, and Johnson’s more aggressive approach doesn’t seem to be working as well as he would have hoped.

Experian was amongst the high-fliers today, up circa 2.4% in the afternoon after revealing the acquisition of an Australian business which breaks down the names on bank statements, opposed to people having to see random numbers on their accounts to represent payments.

Also at the top-end of the index was TUI, up 3.7% in the afternoon following positive feedback amongst customer review scores, and Burberry, up 4.5% and the prime gainer of the day as the market continued to concentrate on news that suggested the luxury market in Hong Kong remains unaffected.

At the end of the day, the FTSE 100 was up 1.11% at 7203.97, and the FTSE 250 was up 1.05% at 19207.80. At the same time, sterling was down 0.19% against the dollar at $1.2139, and down 0.20% against the euro at €1.0939.

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