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Pound soars against the euro on Brexit divorce bill breakthrough

The pound bounced back on currency markets yesterday after the Telegraph revealed that Brexit negotiators have broken the deadlock on the UK’s divorce bill.
After being dragged down earlier in the day by Bank of England governor Mark Carney’s gloomy warning of potential Brexit “pain”, sterling spiked above €1.12 against the euro as traders piled into the currency on news of a breakthrough in talks. 
The news propelled the pound from a 0.6pc loss to a 0.6pc gain against the euro in a matter of minutes while against the dollar it soared back above $1.33.
Uncertainty surrounding Brexit negotiations has proved a major impediment to the pound’s recovery this year with stumbling negotiations offsetting the Bank of England hiking interest rates for the first time in a decade.
Analysts even warned in late summer that the pound was drifting towards parity with the euro and sterling fell as low as €1.07 against the currency as the recovery in the eurozone accelerated.


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