The pound has sunk in volatile trading after reports that a Brexit deal was near were downplayed by UK officials. Downing Street said “substantial issues” still need to be resolved as negotiators try to secure an agreement over the UK's exit from the EU.Add your comment!
British Prime Minister Theresa May has struck a deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday.
The pound has continued its recent strong run against the dollar pushing firmly above US$ 1.43. It is the seventh session in a row that the pound has made gains against the US currency. The strong run means that, among the G10 group of rich nations, the UK has the best-performing currency this year.
The pound hit its lowest level against the dollar in almost seven years on concerns about a possible UK exit from the European Union. At one stage the pound was down as much as 2.4% at $1.4058, its lowest level since March 2009, before later recovering.