Aug 29, 2018 - World

British pound spikes on news of potential Brexit breakthrough

British pound notes

Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

The British pound soared against the dollar on Wednesday after the EU's chief Brexit negotiator Michel Barnier suggested a post-Brexit partnership may be imminent, reports Reuters.

"We are prepared to offer a partnership with Britain such as has never been with any other third country."
ā€” EU chief Brexit negotiator Michel Barnier

Why it matters: This appears to be a sign of optimism following weeks of speculation that the U.K. would crash out of the EU without a withdrawal treaty. The U.K.'s Brexit minister Dominic Raab also indicated Wednesday that Theresa May's Chequers proposal had elicited a positive reaction from EU member states, per Reuters.

Go deeper