# British pound spikes after EU official points to progress in Brexit talks

> Sterling rose about 1.2% to $1.3022 after EU chief Brexit negotiator Michel Barnier said the EU would offer an unprecedented partnership to the UK. The move came after earlier reports suggested officials were not optimistic about a deal before the October EU summit.

- Date: 2018-08-29 · published 2018-08-29T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/63781-british-pound-spikes-after-eu-official-points-to-progress-in-brexit-talks
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Sterling moves on Brexit headlines have little direct effect on feed grain or protein prices. Any indirect effect would come through the dollar, which can shift the relative cost of US commodity exports.

## Sources

- cnbc.com: https://www.cnbc.com/2018/08/29/british-pound-spike-after-eu-official-points-to-progress-in-brexit-talks.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.