No deal hits pound as shares rise on US bill

Sterling went on a roller-coaster yesterday falling back sharply as high hopes for a Brexit deal were dashed, while US and European shares surged following the US Senate weekend vote to approve president Donald Trump’s tax-cutting bill.

Sterling went on a roller-coaster yesterday falling back sharply as high hopes for a Brexit deal were dashed, while US and European shares surged following the US Senate weekend vote to approve president Donald Trump’s tax-cutting bill.

The pound climbed 1% at one stage against the euro. It traded as high as 87.56p but fell back to 88.33p when the UK prime minister Theresa May and the EU failed late on to reach agreement about moving to the second phase of the Brexit talks.