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FTSE 100 set to open higher as UK-EU are reportedly on verge of signing Brexit trade deal ahead of Christmas
UK stock markets are poised to start on a higher side on Thursday, 24 December, ahead of Christmas Eve as the United Kingdom, and the European Union are reportedly on the brink of signing a trade arrangement between the UK and the partner European countries after completion of Brexit transition deadline of 31 December. The European Union and the British Prime Minister Boris Johnson have been “on the cusp of striking a narrow trade deal,” news agency Reuters said in a report.
Brexit deal ahead?
FTSE 100 settled at 6,495.75, up 42.59 points, or 0.66 per cent, on 23 December after extended gains in the late afternoon trades, tracking the upbeat sentiments at Wall Street. The apparently restored optimism on the hopes of a free-trade agreement between the Downing Street administration and the European Union Officials has also bolstered the investors’ confidence.
The FTSE 100 Futures was trading at 6,484, up 38.5 points, or 0.60 per cent, at around 0635 GMT, indicating a positive start in London. The probable likelihood of the finalisation of a post-Brexit trade arrangement between the United Kingdom and the European Union in the wee hours before the four-day holiday is expected to keep the market participants on their toes throughout the day.
GBP nears 31-month high
Following the renewed hopes with regard to the bilateral trade between Britain and the countries under the umbrella of the EU, pound sterling also added gains in the early deals against the greenback in the foreign exchange market. As per Reuters data, a unit of the pound was trading at 1.3546 US dollar, up 0.40 per cent from the previous close at around 0510 GMT. With the USD to GBP level above 1.35, the pound sterling is nearing its 31-month high of 1.3624.
GBP vs USD (24 Dec)
(Source: EODHD/Others, Thomson Reuters)
In the sessions so far, the Great Britain pound (GBP) vs United States dollar (USD) pair has oscillated between a high and low of 1.3562 and 1.3491, respectively. The Bank of England has fixed a currency conversion rate of 1.3322 USD and 1.0945 EUR against a unit of pound sterling on 22 December. Meanwhile, the cryptocurrency market has been hovering in negative territory on Thursday with the bitcoin trading 2.75 per cent down at $22,895.56.
Commodity check
The safe-haven assets continued to gain traction in the last couple of days of the coronavirus pandemic-steered year with an ounce of gold trading at 1,875.24, up 0.17 per cent, from the previous close of $1,872.08, the Reuters data showed. The energy market extended the previous gains on Thursday with the Brent crude oil trading 0.35 per cent high at $51.38 per barrel and NYMEX crude oil trading at $48.26 a barrel, up 0.29 per cent.
