The pound was up in early morning trading on news the UK has reached an agreement with the EU on the Brexit bill, paving the way for trade talks to proceed next month.
The Brexit ‘divorce bill’ will reportedly amount to between €45bn and €55bn, the Telegraph reports.
Sterling soared to a two-month high, up 0.6 per cent at $1.34, a 1 per cent increase since news of the agreement broke. Against the euro, sterling is 0.4 per cent stronger, at €1.23.
However the gains have weighed on the FTSE 100, which is down 0.5 per cent at 7,423.1.