Pound bursts back over $1.23; US-China trade breakthrough - business live
(The Guardian Business News)

Rolling coverage of the latest economic and financial newsLatest: Sterling rallies on no-deal Brexit hopes German factory orders tumble againOrders slump 5.6% year-on-yearUS and China to restart trade talksChinese stocks jump 1%.. Europe rallies too 10.59am BST Sterling is bouncing back from its slump earlier this week, as efforts to prevent a no-deal Brexit next month gather pace.The pound has just smashed through $1.23, up half a cent today. That´s the joint-highest level in five weeks.#Brexit #forex update:the #pound is rallying again as #traders of the City start to bet on a possible #BorisJohnson defeat on #NoDealBrexit querelle. #GBPUSD 1.2272 +0.0022 (+0.18%)#trading @graemewearden1/2 The pound has enjoyed a strong bounce in the past couple of days as parliament has wrestled control of the Brexit process and looks set to pass legislation that would prevent a no-deal. Still lots of political positioning going on and no doubt many twists and turns to come..2/2 but the simple fact is that the chances of a no-deal Brexit have receded of late and this has provided some support to sterling. Price now back at the 23.6% Fib of the larger declines from the early May high. #GBPUSD pic.twitter.com/R8Y0v4mFOR 10.01am BST Europe´s `fear index´, which measures volatility across the markets, has dropped to its lowest point since 1 August.That shows traders are more optimistic about a trade breakthrough in October -- despite warnings to be cautious, given previous hopes have been dashed.`trade talk optimism:` talks now pushed to oct pic.twitter.com/R03i5RJJrr Continue reading...