There is no new agreement between Spain, Netherlands on British departure

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Sterling's rally came after news that European countries Spain and the Netherlands would be open to the United Kingdom having a softer Brexit. "They are also anxious about losing United Kingdom contributions to the European Union budget", the report said.

Earlier today, there were reports that Dutch and Spanish finance ministers have agreed to work together to push for a Brexit deal that keeps Britain as close to the European Union as possible (see post).

The pound is now at around $1.3380 against the U.S. dollar, down 0.24 per cent from this morning's starting levels and the first time the pairing has dropped below $1.35 in two weeks.

POUND GRAPH
LIVE The current exchange rate is $1.36717 to the pound

"Both have close trade and investment ties and are concerned about the impact of tariffs".

However, despite the recent uptick in USD many analysts remain concerned the currency is still set for further losses, with investors becoming increasingly sensitive to the United States dollar, especially in regards to negative factors.

The currency had been trading at about $1.50 before the result of the referendum became clear.

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Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo, said: "Market reaction to dollar-buying factors has been subdued, while market reactions to dollar-selling, have been more vivid".

Sterling has jumped to its highest level against the USA dollar since the Brexit vote.

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Spain and the Netherlands both support the EU's Brexit negotiator Michel Barnier, Gelinck said. "We also have positive language around financial services and the prospect of Britain paying for market access".

Combined with slowing wage growth, households are beginning to feel the squeeze as their disposable incomes start to fall.

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