July 6, 2018 / 8:41 PM / 12 days ago

Sterling hits two-week high vs. dollar after Brexit strategy deal

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.

British Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

“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

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