Sterling Jumps to Two-month Highs Vs Dollar Following Brexit Progress Reports

The British pound strengthened versus almost all of its major rivals on Wednesday after multiple media reports showed that the European Union and the United Kingdom reached a deal on the so-called Brexit bill.

Sterling jumped more than 0.6 percent against its American counterpart in early European trading session on Wednesday, sending the pair GBP/USD to as high as $1.34250 – the strongest level in two months. The pound has been boosted by news that British and EU negotiators had broken the deadlock on the Brexit divorce bill which is the amount of money the U.K. would pay the E.U. after it leaves the Union.

According to market sources, an agreement-in-principle has been struck over the EU’s demand for a 60 billion euro (roughly $71 billion) financial settlement, which would allow talks to move on to other issues such as trade and future relationship between the U.K. and the EU.

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