Commodities

British pound jumps as EU reports more progress on deal


Britain’s Prime Minister Boris Johnson attends a virtual press conference inside 10 Downing Street in central London on Nov. 26, 2020.Jamie Lorriman | AFP | Getty ImagesSterling broke through the long-awaited $1.35 barrier on Wednesday morning after European Commission President Ursula von der Leyen said progress had been made toward a post-Brexit trade deal between the U.K. and the European Union.Addressing the European Parliament, von der Leyen said that while she could not say whether there would or would not be a deal, “there is a path to an agreement now” and the next few days will be critical.”We have found a way forward on most issues but two issues remain outstanding: the level playing field and fisheries,” von der Leyen said, according to Reuters.”I am glad to report that the issues linked to governance now have largely been resolved. The next few days are going to be decisive.”Sterling climbed 0.4% against the dollar following the remarks, breaking above the $1.35 barrier, and the euro also gained 0.4% against the greenback to hover just below $1.22.

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