Sterling Rises After Report EU To Compromise On Irish Border Brexit Proposal

By Donna Ahern
Sterling Rises After Report EU To Compromise On Irish Border Brexit Proposal

Sterling rose a quarter of a percent on Tuesday as hopes grew for a Brexit deal breakthrough, encouraging investors to buy the British currency with the struggling dollar also fueling gains.

The European Union is preparing to back a compromise proposal on the Irish border to resolve the last major hurdle in Brexit negotiations, the Times of London reported on Monday.

The British currency rose to a two-week high of $1.3085 in early London trading.

Against the euro the pound rose 0.1% to 87.25p, close to a five-month high of 87.23p hit on 10 Oct.

Hopes of a deal have lifted the pound in recent days with the British currency rising 3% versus the dollar this month.

News by Reuters, edited by Checkout, edited by Donna Ahern. Click subscribe to sign up for the Checkout print edition.

ADVERTISEMENT

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.