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British pound jumps on reports EU and UK have reached deal on ‘Brexit bill’

The British pulp spiked higher Tuesday afternoon after a report that the European Amalgamation and the United Kingdom reached a deal on the so-called Brexit bill.

Both British and EU begetters told UK-based The Telegraph that an agreement-in-principle has been struck past the EU’s demand for a 60 billion euro (roughly $71 billion) economic settlement.

Sterling was last up 0.3 percent to $1.3356.

The currency was volatile after the first report, when Reuters reported that a British government proper said they did “not recognize” The Telegraph’s account.

But the pound resumed its upward positively after the Financial Times confirmed parts of The Telegraph’s initial scrutinize.

The currency then seesawed following the Reuters report, but ultimately get up again after the Financial Times confirmed the original Telegraph article. The FT reported that the UK would assume EU liabilities worth up to 100 billion euros, although “net payments, discharged upwards many decades, could fall to less than half that amount.”

This foreshadows a crucial lunch next week between UK leader Theresa May and European Commission President Jean-Claude Juncker. Investors maintain been on edge for months as the details of the so-called Brexit unfold, awaiting a definitive accord from the European Union and May. May will formally present the accord next week as part of a package deal if agreement can be found on other exits, including citizen rights, according to the Financial Times.

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