Pound Rallies on Hopes for Progress in Brexit Talks

The Great Britain pound rose today amid hopes about progress in the Brexit talks.

There are reports that Britain’s Prime Minister Theresa May wants to increase the amount Britain will pay the European Union for leaving to break the deadlock in Brexit negotiations, and UK ministers may back such measure. The initial offer was €20 billion, which is now expected to be increased to â‚¬40 billion, and that is closer to â‚¬60 billion demanded by the EU. Chancellor Philip Hammond said on BBC’s Andrew Marr show yesterday:

We’re now I think on the brink of making some serious movement forward in our negotiations with the European Union, and starting to unlock that logjam so that people can start to see clarity about the future.

GBP/USD was up from 1.3216 to 1.3241 as of 12:13 GMT today. GBP/JPY rose from 148.20 to 148.61.

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