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Pound rebounds after report Ireland will back all-UK customs union

Sterling gained on Thursday, recovering from four-week trough on news that Irish government will support an all-UK customs union with the bloc after Britain's withdrawal.

Photo: Reuters

After scaling a $1.2922 mark overnight - its lowest level since Sept. 10 - amid a broadly stronger greenback, the pound bounced back to $1.2967, adding 0.2 percent on the day. The UK's currency surged against the euro, and was up 0.2 percent at 88.61 pence.

During speech at the Conservative Party conference PM Theresa May urged her allies to underpin her Brexit-plan, stressing risks of a disorderly departure from the bloc.

Ireland's officials are privately discussing May’s proposals on an entire customs union between the EU and UK if no other solution to the Irish border issue is found, according to the Financial Times.

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