Pound climbs above $1.25 to 1-month high, Brexit hopes support

Pound climbs above $1.25 to 1-month high, Brexit hopes support

02 Jun 2020 02:03 PM
 

Sterling climbed above $1.25 to its highest in a month against the dollar on Tuesday, as signs Britain might be willing to compromise on sticking points in a fresh round of Brexit negotiations with the European Union provided support.

Britain is expected to indicate flexibility over fisheries and trade rules if the European Union agrees to lessen its "maximalist" demands regarding regulatory alignment and fishing access, the Times newspaper reported on Tuesday, as a new round of talks kicks off.

Britain has until July 1 to ask for an extension to the current transition period, which ends in December.

By 1:13 pm, the pound was trading 0.2% higher to the dollar at $1.2518, after hitting its highest since May 1 in early deals.

Against the euro, it was up 0.3% at 88.86 pence.