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Pound Climbs as EU Is Open to Irish Border Backstop Solution

  • Barnier’s comments from meeting earlier this month boost pound
  • Remarks confirm longer-term positive outlook: Credit Agricole
Pound Traders Face New Reality As Rapid Moves Become The Norm
Photographer: Miles Willis/Bloomberg
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The pound advanced to the strongest level this month after the European Union’s chief negotiator, Michel Barnier, said that he was open to the idea of simplifying checks on the Irish border.

Gilts fell on the remarks, which were part of a transcript released by the U.K. parliament of his meeting with the Brexit select committee earlier this month. The headlines spurred some investors to cover their short positions on sterling, according to Neil Jones, head of hedge fund sales at Mizuho Bank Ltd.