Pound to dollar exchange rate: Sterling hits HIGHEST level since Brexit vote

Pound to dollar exchange rate: Sterling hits HIGHEST level since Brexit vote

The British pound on January 12, 2018 jumped to the strongest level since the Brexit referendum. Sterling's rally came after news that European countries Spain and the Netherlands would be open to the United Kingdom having a softer Brexit.

Sterling rose to its best level since the Brexit vote on Friday on news that Spain and Holland's finance ministers have reached an agreement that would see the two work together to lock down a Brexit deal that would keep the United Kingdom as close to the European Union as possible.

Sterling rose 1.76 cents against the dollar to $1.3712 after reports emerged that Spain and the Netherlands would push for a soft Brexit that ensures close ties between the European bloc and the UK.

It's good news for Brits travelling to the States this year as the pound has just hit the highest levels against the dollar since the Brexit vote.

A spokeswoman for the Spanish Economy Ministry stressed that both ministers support chief European Union negotiator Michel Barnier's efforts, and said they're not working together toward a soft Brexit deal.

"It's not so significant as the rally would suggest".

Sterling rallied as much as 1.1 per cent, the biggest intraday gain since mid-September, as the news rekindled optimism about the United Kingdom having continued access to Europe's single market. "I doubt it's as straightforward as that", he said.

The FTSE 100.FTSE briefly fell into negative territory and touched its session low before rebounding and closing higher.

The pound was 0.2% higher against the euro at €1.12810 after the single currency hit a three-year high against the dollar following hopes that chancellor Angela Merkel would be able to form. Still, the rally was greeted with caution even by top sterling bulls, who said a more meaningful development is needed to maintain the currency's strength.

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