NEW YORK (Reuters) - Sterling hit a two-week high against the U.S. dollar on Friday after British Prime Minister Theresa May secured a cabinet agreement for her plans to leave the European Union.
“Today in detailed discussions the cabinet has agreed our collective position for the future of our negotiations with the EU,” May said in a statement released by her office late on Friday.
“Our proposal will create a U.K. - EU free trade area which establishes a common rule book for industrial goods and agricultural products.”
The British pound rose as high as $1.3290 against the dollar, a two-week peak, after the news. It was last up 0.4 percent at $1.3280.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Susan Thomas