Sterling Records Best Performance in Decade

The sterling recorded its best monthly performance in more than a decade in October, amid numerous repercussions on Brexit.

The British currency gained about 5.31% against the US dollar with the fact that sterling ended October trading at $ 1.2942 after the month began at $ 1.2289.

The increase represents the best monthly performance since gains of around 10% in May 2009.

During the first 10 months of this year, sterling's gains were 1.47% compared with the level of $ 1.2754 recorded at the end of last year.

The performance of the British currency comes amid developments related to Brexit as it was the basis of moves in both upward and downward directions.

The pound benefited strongly after the British parliament passed a law that would refuse to execute the process of leaving the EU without a deal.

The currency was supported by the deal reached by the British Prime Minister Boris Johnson with the European Union, which would regulate the relationship between the two parties after the exit process, which the opposition leader described as worse than the agreements of Theresa May.

The 27 EU countries agreed to extend the Brexit for the third time this year until January 31, 2020.

Following the extension, Johnson called an early general election on December 12, but, parliament rejected the proposal, yet, the opposition Labor Party expressed its intention to support a new vote on the proposal itself.

In his fourth attempt, Johnson won the support of a majority of lawmakers for early general elections in the middle of next month.

The aim of the general election is to pass the Brexit deal and to move forward on domestic matters concerning the UK's domestic affairs.

It is worth mentioning that the sterling pound moved in the range of $1.22-1.30 last month and managed to break the $1.33 barrier earlier this year.