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Pound blasts to three-week high after Brexit minister hints at EU market access

GBPUSD News by Allie Longford on 07:45 December 01, 2016 EST
The British pound spiked up on Thursday above 1.26 against the US dollar setting a 3 weeks high as UK's Brexit minister David Davis said Britain would consider making payments to the EU budget in return for access to EU markets.

The pound was not only strong versus the US buck but also against the rest of the major currencies. GBPAUD made 200 pips in just a few hours.

However UK stocks are not shinning with the news as the FTSE 100 is in the red in afternoon trading, down by more than 1.3 per cent, at 6,694.

Meanwhile precious metals remain weak and oil continues to show strength consolidating gains made on Wednesday.