Pound extends rally on report British PM seals Brexit financial services deal

LONDON - 1 November 2018: Sterling extended its gains on Thursday after the Times newspaper reported that British Prime Minister Theresa May had sealed a tentative deal with Brussels on financial services.

The pound jumped 0.9 percent to as high as $1.2881 GBP=D3, sending the currency to a five-day high.

Against the euro, it rose to 88.155 pence per euro EURGBP=D3 before settling up half a percent at 88.21 pence.

The gains follow a rise for sterling on Wednesday when Brexit minister Dominic Raab said he expected a Brexit deal with Brussels to be concluded by Nov. 21. The British government later said there was no set date for Brexit talks to finish.