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Pound surges after UK minister says expects Brexit deal in November

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By Reuters
Pound surges after UK minister says expects Brexit deal in November
New one pound coins which comes into circulation today, are seen in Liverpool, Britain, March 28, 2017. REUTERS/Phil Noble   -   Copyright  Phil Noble(Reuters)

LONDON (Reuters) – The pound jumped on Wednesday after Britain’s Brexit minister said he expected a divorce agreement with the European Union to be reached before the end of November.

Sterling surged as much as one percent versus the dollar to trade at $1.2831, and versus the euro to 88.43 pence after comments by Dominic Raab.

Analysts said the jump came after the Brexit minister had said he would be happy to give evidence to a Brexit committee once a deal was finalised, and he expected November 21 to be suitable.

British government bond yields rose to their highest since October 24 at 1.47 percent, up seven basis points on the day.

(Reporting by Tom Finn; Editing by Tommy Wilkes)