BREAKING NEWS

BREAKING NEWS

Pound rises on EU's Barnier saying "considerable progress" in Brexit talks

Now Reading:

Pound rises on EU's Barnier saying "considerable progress" in Brexit talks

Text size Aa Aa

LONDON (Reuters) – Britain’s pound climbed to the day’s highs against a weakening dollar on Thursday, after the European Union’s chief negotiator Michel Barnier said “considerable progress” had been made on Brexit talks. Sterling had earlier been trading lower on the day, hit by a broadly resurgent dollar <.DXY> as well as Bank of England Governor Mark Carney’s saying that the bank could not by itself nullify the negative effects of Brexit on the economy. But it turned higher as the dollar came off the day’s highs, and after Barnier said the two sides of the Brexit negotiations – Britain and the EU – had “had a constructive week”, though despite progress they were “not there yet”. “Sterling (is rallying) on the “considerable progress” comments regarding Brexit talks,” said Mizuho’s head of hedge fund FX sales Neil Jones. Sterling strengthened to $1.3425 <GBP=D3>, having earlier dipped to a two-week low of $1.3344. That left it 0.3 percent higher on the day. Britain’s FTSE <.FTSE> dipped after Barnier spoke, last down 0.3 percent while the more domestically-focused FTSE 250 <.FTMC> also fell slightly to trade flat.

(Reporting by Jemima Kelly; Additional reporting by Helen Reid; Editing by Saikat Chatterjee)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.