U.K. Prime Minister Boris Johnson delivering his speech at the Conservative Party Conference.
Danny Lawson | PA Images | Getty Images
The British pound reached a five-month high versus the U.S. dollar on Thursday morning after leaders of both the European Union and the United Kingdom confirmed that a draft Brexit deal had been agreed on.
Sterling rose as high as $1.2988 at one stage — reaching a five-month high. The euro also gained against the dollar rising 0.5% versus the greenback. Stocks across Europe rose 0.75% immediately after the reports, with banks leading the gains.
The U.K. Prime Minister Boris Johnson announced " a great new deal that takes back control" via his Twitter account.
A separate report from Reuters quoted European Commission President Jean-Claude Juncker as saying a draft deal had been reached.
"Where there is a will, there is a deal — we have one! It's a fair and balanced agreement for the EU and U.K. and it is a testament to our commitment to find solutions. I recommend that (EU summit) endorses his deal," Juncker said.
Taking some shine off the stock and currency moves was a statement from Northern Ireland's Democratic Unionist Party (DUP) who said it still had concerns about the deal and would not support it in the U.K. Parliament.
Immediately following that, the U.K. leader of the opposition Jeremy Corbyn, said that Johnson appeared to have negotiated a worse deal than his predecessor Theresa May. Corbyn said he would now back a confirmatory referendum.
"This sell-out deal won't bring the country together and should be rejected. The best way to get Brexit sorted is to give the people the final say in a public vote," he said.
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October 17, 2019 at 05:18PM
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Sterling soars to five-month high as Brexit deal is agreed - CNBC
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