Pound dollar exchange rate surges on Brexit deal progress

Reuters / Matt Dunham

• Pound jumps after reports UK and EU negotiators made
  another breakthrough on the path to Brexit.
• The pound has gained more than 1.1% against the dollar
  on Thursday morning.
• It had dropped sharply in the past week after Cabinet
  resignations over Prime Minister Theresa May’s Withdrawal
  Agreement.
• 
  You
  can follow the pound live at Markets Insider.
  

The
pound has taken off after reports that UK and EU negotiators
have
made another breakthrough on the path to Brexit.

European Council President Donald Tusk said on Thursday morning
that a political declaration on the UK and EU’s future
relationship “agreed at negotiators’ level and agreed in
principle at political level.”

Prior to Tusk’s comments, an EU official said on Thursday
morning that a 20-page declaration had been finalised ahead of an
EU summit on Sunday where Prime Minister Theresa May hopes to
have the Brexit divorce deal signed off.

Read more: Brexit
is now such a headache that the UK is ‘uninvestable,’ according
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houses

The news, which marks another major step forward in the Brexit
process, sent the pound flying higher, gaining as much as 1.1%
against the dollar, and passing back above the $1.29 mark, which
it dropped below a week ago after a series of resignations from
the British Cabinet.

By 10.40 a.m. GMT (5.40 a.m. ET), it was trading at $1.2910, a
gain of 1.15%, as the chart below shows:

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